Road Map
A set of documents that outline financial facts.
What is a financial plan
The fifth step in the financial planning process
What is forecasting future finances.
The systematic process of recording and reporting the financial position of a business.
What is accounting.
Anything of value that is owned or controlled
What is property
Documents that summarize the changes resulting from business transactions
What are financial statements
The first step in the financial planning process.
What is identifying assets.
The sixth step in the financial planning process
What is describing growth financing.
A review of accounting records and procedures
What is an audit
Assets that either used or converted to cash during a normal business cycle
What are current assets
A report of revenue and expenses
What is an income statement
The second step of the financial planning process.
What is determining capital.
The money supplied by investors
What is capital
The set of rules used by all accountants
What is Generally Accepted Accounting Principles
Item of value that will be held for more than one year
What are fixed assets
A report of the balances in all assets, liabilities, and owner's equity
What is the Balance Sheet
The third step in the financial planning process.
What is describing start-up and oeprating costs.
The total amount of money owed to a business
What is accounts receivable
The amount of money owed by a business to its creditors
What is accounts payable
A financial report that shows incoming and oiutgoing money
What is a statement of cash flows
The fourth step in the financial planning process.
What is describing financial records management
An estimate of a business's financial outlook
The present value of an asset less the claims against it
What is equity
The owner's claim to the assets of the business
What is owner's equity
Creditors' claims to the assets of a business
What are liabilities