All income that a business receives over a period.
are all the costs of operating a business.
plans income and expenses from the beginning of a new business or a major business expansion until it become 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.
identify the buildings and equipment owned by the business, their original and current value, and the amount owned if money was borrowed to purchase the assets.
Identify the amount assets have decreased 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. Accurate records are crucial to determine id adequate resources are available to meet operation and production needs as well as customer demand.
list all cash received and spent by the business.
Contain the information on all employees of the company, their compensation, and benefits.
show all taxes collected owed, and paid.
are what a company owns.
are what a company owes.
is the value of the owner's investment in the business.
The assets, liabilities, and owner's equity for a specific date.
To report the revenue, expenses, and net income or loss from operation for a specific period.
is the financial record of employee compensation, deductions, and net pay.
maintains information on each employee to be able to calculate the company's payroll and to make the necessary payments to each employee.
are the documentation used to process earnings payments and record each employee's pay history.
the employer transfers net pay electronically into the employee's bank account.
Financial Performance Ratios
are comparisons of a company's financial elements that indicate how well the business is performing.
are differences between actual and budgeted performance.
Long term assets
are the assets with a life span of more than a year