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Ch17.1 Vocabulary
Ch17.2 Vocabulary
Accounting
Financial Management
Random
100
Money supplied by investors, banks, or owners of business.
What is capital...
100
Language of business
What is accounting
100
This statement shows incoming and outgoing money during an accounting period (month, quarter, year)
What is the statement of cash flows ...
100
The operating costs.
What is payroll, rent, utility bills, delivery charges and bank fees
100
One accounting software
What is Microsoft Excel
200
The plan specifying how the money will be used or spent during a particular period
What is budget
200
Property and other items of value owned by a business
What is an asset...
200
Assets = Liabilities + Owner’s Equity
What is the accounting equation...
200
The budget should compare to ...
What is actual income and expenses?
200
If total revenue is greater than total expense
What is net income?
300
Set of documents that outline essential financial facts about a new venture (project)
What is financial plan
300
Present value of an asset less all claims against it
What is equity
300
Rules to communicate financial information
What is GAAP
300
Keep the income low and expenses high
What is forecasting and estimating future finances?
300
1. Assets that are either used up or converted to cash during normal cycle of business (usually 1 year) 2.items of value that will be held for more than one year
What is 1. current asset; 2. fixed asset?
400
Estimate of financial outlook for next few years.
What is financial forecasting
400
Creditors’ claims to assets of the business (the debts of a company); measured in money owed; include accounts payable
What is liabilities
400
When the income is submitted
What is the end of an accounting period
400
Identifying business assets
What is cash, equipment, buildings, supplies, inventory, and land, etc.
400
The Grad School Ms. Hamilton went to.
What is BC?
500
The money used to pay for the various assets and expenses of a new venture or business.
What is startup capital...
500
Report of revenue, expenses, and “net income” or “net loss” over an accounting period
What is the income statement ...
500
Federal Government requires corporations to release this to the public, these can be compared to determine growth or decline
What is financial statement?
500
The purpose of financial plan
What is to identify asset that needs to be purchased, describes amount of money a business needs to start and operate, describes expenses the business will incur and explains how a business will cover these expenses, describes how business will document and report financial records, forecasts finances to project future profitability and explains how business will acquire money to grow/expand
500
cash= 3000 equipment = 1640 account recieveable = 1360 account payable = 3570 owner's equity = 2430
balanced!! ^8^