definitions
Balance Sheet
Shows assets, liabilities, and equity.
Business Budgets
Include alternatives on income side
GAAP
Generally Accepted Accounting Principles
Income Statement
Income and expenses for a given period.
Revenue
Sales from all sources.
FASB
Financial Accounting Standards Board
Statement of Cash Flow
All money coming in or going out during a time period.
Expenses
Variable and fixed costs
FFSC
Farm Financial Student Council
Statement of Owner Equity
Reports factors that caused owners equity to change between one balance sheet to another
Income
Net returns, net income.
Enterprise Budget
Covers all income and costs for one person.
Operating Budget
Covers all income and costs for family.