Types of Budgets
What is the budget that covers all expected income and expenses for a family, a farm, or a business for one year?
What is an Operating Budget
What is an estimate of expected costs and returns for a specified time in the future?
What is a Budget
A type of Fixed expense that has to do with taxes on this.
What is land
This was first used by CPAs in the 1930s and is set by the American Institute of Certified Public Accountants with the New York Stock Exchange.
What is GAAP or Generally Accepted Accounting Principles
This shows assets, liabilities, and equity.
What is a balance sheet
What is the type of budget that is an estimate of cash received vs. cash used to pay expenses?
What is a Cash Flow Budget
This has two types of this called fixed and variable.
What is Expense
This is a type of Variable expense that has to do with animals.
What is feed
This Board sets standards widely used in business accounting
What is FASB or Finacial Accounting Standards Board
This is all the income and expenses for a given period.
What is an Income Statement
What is the type of budget that covers only the costs and income that will change as a result of the decision that is being considered?
What is a Partial Budget
This is the sale of goods subtracted from the cost.
What is Income
What is the expense called that is linked to production?
What is Variable Expense
This council now sets standards that are most widely used in farm accounting systems
What is the FFSC or Farm Financial Standards Council
All the money coming in or going out during a time period is called?
What is a Statement of Cash Flow
This budget covers only income and costs associated with a single enterprise.
What is a Enterprise Budget
This is the money made before the costs were taken out.
What is revenue
This is a type of expense that will occur regardless of production.
What is a Fixed Expense
The Agricultural Bankers Division of the American Bankers Association promised to support this in 1989.
What are the Standardized Finacial Guidelines
Reports all the factors that have caused the owner's equity to change between one balance sheet and another.
What is a Statement of Owner Equity