Financial Reports
Financial reports help you identify _______ in your business.
What is changes?
This report is a snapshot of the financial health of a program.
What is the Balance Sheet
This is what the cash flow statement tells you.
What is cash coming in and cash going out?
The income statement may also be called the ______ and _______statement.
What is Profit and Loss Statement?
Internal controls are processes to help manage _______ in business.
What are risks?
All of the decisions that you make about running your business have _________ implications.
What is financial?
These are the key components of a balance sheet.
What are:
•Assets
•Liabilities
•Net Worth
This is how often cash flow statements should be reviewed.
What is monthly.
These are the key components of an income statement.
What are:
•Revenue
•Expenses
•Net Income
Name one step in the internal controls cycle.
What is:
Review processes & assess risks
Make adjustments to manage risks
Communicate new processes to others involved
Monitor processes
Financial reports help you better understand and ________ your finances.
What is manage?
The balance sheet tells providers about their long-term health and ____________ of their program.
What is sustainability?
These are the key components of a cash flow statement.
What is:
•Cash received
•Cash paid
•Cash remaining
The difference between a budget and an income statement is that the budget is an _________ and the income statement shows _________ occurrences.
What is estimate and actual?
Involving more than one person in a business activity to help reduce the risk of error or fraudulent activity is called.
What is separation of duties?
How many specific reports do we go into detail about in this module?
(cash flow statement, income statement, balance sheet)
This is how often the balance sheet be reviewed.
What is quarterly?
A negative cash flow means that less cash was received than paid out. True or False?
What is True?
Name three program expenses.
What is:
•Rent
•Food
•Utilities
•Materials
•Staff salaries
This process of requiring either prior approval or authorization from a second person before certain business activities can be completed helps manage _______.
What is risk?
The financial reports discussed in this module help tell your program's story in ________.
What is dollars or numbers?
A balance sheet shows assets, ________ and equity.
An income statement shows income, _______ and net income.
What is liabilities and expenses?
The difference between the cash flow statement and an income statement is that the income statement shows what has been billed or paid, and the cash flow statement shows what has been __________ (paid or received).
This is the net income formula.
What is Revenue – Expenses = Net Income
(Revenue minus expenses equals net income)
Protection policies and procedures should be in place for what type of data.
What is sensitive paper files and electronic information?