Financial Managment

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Author:
lenzm0224
ID:
238137
Filename:
Financial Managment
Updated:
2013-10-01 11:32:27
Tags:
Accounting
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Description:
PBA ch.12 flash cards
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  1. Revenue
    All income that a business receives over a period of time.
  2. Expenses
    The costs of operating a business.
  3. Budget
    provides detailed plans for the financial needs of individuals, families, and businessmen.
  4. start-up budget
    plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
  5. operating budget
    describes the financial plan for ongoing operations of the business for a specific period of time
  6. cash budget
    an estimate of the actual money received and paid out for a specific period of time
  7. financial records
    used to record and analyze the financial performance of a business
  8. assets
    what a company owns
  9. liabilites
    are what the company owes
  10. owners equity
    is the value of the owners investment in the business
  11. balance sheet
    the assets liabilities and owners equity for a specific date are listed on it
  12. income statement
    to report revenue expenses and net income or loss from operations for a specific period of time
  13. payroll
    is the financial record of employee compensation deductions and net pay
  14. payroll records
    are documentation used to process earning payments and record each employee's pay history.
  15. direct deposit
    the employee transfers net pay electronically into the employee's bank account
  16. financial performance ratios
    comparisons of a company financial elements that indicate how well the business is performing
  17. discrepancies
    are differences between actual and budgeted performance
  18. cash records
    list all cash received and spent by the business.
  19. payroll records
    contain information on all employee of the company, their compensation, and benefits.
  20. tax records
    show all taxes collected, owed, and paid
  21. current ratio
    current assets compared to the current liabilities.
  22. debt to equity ratio
    the company's liabilities divided by the owner's equity.
  23. asset records
    identify the building and equipment owned by the business, their original and current value, and the amount owed if money was borrowed to purchase the assets
  24. depreciation records
    identifies the amount assets have decreased in value
  25. inventory records
    identify the type and quantity of resources and products on hand along with the current value of each.

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