Financial Management

All income that a business receiver over a period of time

costs of operating a business

provides detailed plans for the financial needs of individuals, families, and business

plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable

the financial plan for ongoing operations of the business for a specific period

an estimate of the actual money received and paid out for a specific period

are used to record and analyze the financial performance of a business

the assets, liabilities, and owner's equity for a specific date

what a company owns

what a company owes

the value of the owners investment in the business

to report the revenue, expenses, and net income or loss from operations for a specific period

the financial record of employee compensation, deductions, and net pay

the documentation used to process earnings payments and record each employee's pay history.

the employee transfers net pay electronically into the employee's bank account

comparisons of a company's financial elements that indicate how well the business is performing

differences between actual and budgeted performance

maintains information on each employee to be able to calculate the company's payroll and to make the necessary payments to each employee

the total sales compared to the net income for a period such as 6 months or a year

current assets compared to the current liabilities

the company's liabilities divided by the owner's equity

the net profit of the business compared to the amount of owner's equity

provides information for the current pay period as well as the cumulative amounts for the year

when revenue is greater than expenses

all of the costs of operating the business during the period