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Revenue
All income that a business receives over a period of time.
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Expenses
The cost of operating a business
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Budget
A detailed plan for the financial needs of indivuiduals, families, and businesses
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Start-Up Budget
Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
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Operating Budget
Describes the financial plan for ongoing operations of the business for a specific period
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Cash Budget
An estimate of the actual money received and paid out for a specific period
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Financial Records
Used to record and analyze the financial performance of a business
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Assets
What a company owns
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Liabilities
What a company owes
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Owner's Equity
The value of the owner's investment in the business
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Balance Sheet
The assets, liabilities, and owner's equity for a specific date
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Income Statement
A report that covers the revenue and expenses of a business for a specific period.
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Payroll
A financial record of employee compensation, deductions, and net pay
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Payroll Records
The documentations used to process earnings payments and record each employee's pay history
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Direct Deposit
when the employer transfers net pay electronically into the employee's bank account
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Financial Performance Ratios
Comparisons of a company's financial elements that indicate how well the business is performing
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Discrepancies
The differences between actual and budgeted performance
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Records of Accounts
Identifying all purchases and sales made using credit.
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Accounts Payable Record
Identifies the companies from which credit purchases were made and the amounts purchased, paid, and owed
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Account Receivable Record
Identifies customers that made purchases using credit and the status of each account
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Cash Records
List all cash received and spent by the business
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Payroll Records
Contain info on all employees of the company, their compensation, and benefits
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Tax Records
Shows all taxes collected, owed, and paid
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Financial Statements
A report that sums up the financial performance of a business
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Net Income
When revenue is higher than expenses
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