17.1 - Financial Management
17.1 Continued
17.2 Accounting
More accounting
Even more accounting
100
set of documents that outline the essential financial facts about a business
What is financial plan?
100
An estimate of a business's financial outlook for the next few years.
What is financial forecast?
100
GAAP is the acronym for this
What is generally accepted accounting principles?
100
the total amount of money owed to a business. It represents money to be received in payment after goods or services are sold on credit
What is accounts receivable?
100
The total amount a business owes to creditors
What is accounts payable?
200
money supplied by investors, banks, or owners of a business
What is capital?
200
the purpose of a financial plan
What is to project future income, see if there is enough money to start a business, and describe the assets that are needed?
200
Accounting is the language of this
What is business?
200
assets that are either used up or converted to cash during the normal cycle of the business. Within 1 year.
What are current assets?
200
An owner's claims to the assets of a business
What is owner's equity?
300
a plan specifying how money will be spent during a particular period
What is budget?
300
the main reason start-up capital can be hard to obtain is this
What is because there is no track record to prove the venture will be successful?
300
the systematic process of recording and reporting the financial position of a person or business
What is accounting?
300
Items of value that are held for more than one year
What are fixed assets?
300
documents summarizing the changes resulting from business transactions that occur during an accounting period
What are financial statements?
400
Examples include payroll, rent, utility bills, fees....
What are operating expenses?
400
Financial records can by managed by this
What is the owner, employee, or hired professional?
400
anything of value owned by a business
What is property?
400
value of a piece of property less the amount still owed on the money borrowed to purchase it
What is equity?
400
A report of the revenue, expenses, and net income or net loss for an accounting period
What is income statement?
500
Money used to pay for the various assets and expenses of a new venture
What is start-up capital?
500
When preparing a financial forecast, it is best to keep estimates like this
What is income low and expenses high?
500
property or other items of value owned by a business.
What are assets?
500
A concept that states that assets must always equal the sum of liabilities and owner's equity
What is the accounting equation?
500
a financial report that shows incoming and outgoing money (cash) during an accounting period
What is statement of cash flows?
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