Card Set Information
Accounting Financial Management
Chapter 12 Accounting Financial Management
What is Revenue?
All Incomes that a business receives over a period of time
What is Expenses?
Are the cost of operating a business.
Whats a budget?
Provides detailed plans for the Financial needs of individuals, families and businesses.
Start up Budget?
Plans the income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
Describes the financial plan for ongoing operations of the business for a specific period.
Is an estimate of the actual money received and paid out for a specific period.
are used to record and analyze the financial performance of a business.
are what a company owns.
Are what company owes
is the value of the owners investment in the business.
The assets, liabilities, and the owners equity for a specific date are listed on it.
To report the revenue, expense, and net income or loss from operations for a specific period.
Is the financial record of employee compensation, deductions, and net pay.
Are the documents used to process earning payment and record each employee's pay history.
The employer transfers net pay electronically into the employees's bank account
Financial performance ratio?
Are comparisons of a company's financial elements that indicate how well the business is performing.
are differences between actual and budgeted performance?
What are the two main purposes of a business budget?
*Anticipate sources and amounts of income for a business
* Predict they types and amounts of expenses for a specific business activity or the entire business
List all cash received and spent by the business.