Card Set Information
Accounting financial management chapter 12
Principles of business administration
All income that a business receives over a period of time.
The costs of operating a business
When revenue is greater then tax
When expenses exceed profit
Provides detailed plans for financial needs of individuals, families, and businesses
1.)Anticipate sources and amounts of income for business.
2.)Predict the types and amounts of expenses for a specific business activity or the entire business.
Plans income and expenses from the beginning of a new business or major business expansion until it becomes profitable.
Describes the financial plan for ongoing operations of the business for a specific period.
An estimate of the actual money received and paid out for a specific period.
Used to record and analyze the financial performance of a business
Identify the buildings and equipment owned by the business, their original and current value, and the amount owed if the money was borrowed to purchase the assets.
Identify the amount assets have decreases in value due to their age and use.
Identify the type and quantity of resources and products on hand along with the current value of each.
Records of Accounts
identify all purchases and sales made using credit
List all cash received and spent by the business
Contain information on all employees of the company, their compensation, and benefits.
Show all taxes collected owed, and paid.
Are what a company owns.
what a company owes
The value of the owner's investment in the business.
Reports that sum up the financial performance of a business
The assets Liabilities, and owner's equity for a specific date are listed on this
A report of the revenue, expenses, and net income or loss from operations for a specific period
Financial record of employee compensation, deductions, and net pay
The documentation used to process earnings payments and record each employee's pay history.