Different Kinds of Budgets
Covers all expected income and expenses for a family, farm or business for one year.
What is an Operating Budget?
GAAP
What is generally accepted accounting principles?
Shows assets, liabilities, and equity.
What is a balance sheet?
Sales from all sources.
What is revenue?
Variable
Covers only income and costs associated with a single enterprise.
What is an enterprise budget?
FASB
What is Financial Accounting Standards Board?
All money coming or going during a time.
What is a statement of cash flow?
Variable and Fixed Costs.
What are expenses?
Land Taxes
Fixed
Covers only the costs and income that will change as a result of the decision that is being considered.
What is partial budget?
FFSC
What is Farm financial standards council?
Income and expenses for a given period.
What is an income statement?
Calculations of net returns and net income earned.
Depreciation
Fixed
An estimate of cash to be received vs. cash to be used to pay bills, make investments, and cover other needs.
What is cash flow budget?
Reports the factors that have caused the owners equity to change between one balance sheet to another.
Vet Expenses
Variable