terms
What is GAAP?
generally accepted accounting principles
what is a balance sheet?
shows assets, liabilities, and equity
what is an income?
may include calculations of net returns earned by various resources used and net income earned
Name an example that starts with s?
seed
name a type taxes?
land taxes
What is FASB?
finanical accounting standards board
What is a statement of cash flow?
all money coming in or going out during a time period
what is acquiring credit and investments?
to show how you plan to make a profit or to sell the farm or business
Name an example that starts with f?
fuel
starts with d
depreciation
What is FFSC?
farm financial standards council
What is a statement of owner's equity?
reports the factors that have caused the owner's equity to change between one balance sheet and another
What is making management decisions?
day to day and long-range planning and analysis
Name an example that starts with c?
chemicals
It can be an interest on?
land
What is operating budget?
covers all expected income and expenses for a family, a farm or a business for one year
What is a revenue?
sales from all sources
what is completing tax forms?
so you don't pay more than is required
name an example that starts with f?
feed
It relates with your internet?
internet service
What is enterprise budget?
covers only expected income and costs associated with a single enterprise
a variable and fixed costs
What is a partial budget?
covers only the costs and income that will change as a result of the decision that is being considered
name an example thats starts v?
veterinary expenses
It can be related with cars?
car payments