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revenue
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all income that a business receives over a period of time
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terms list
revenue
all income that a business receives over a period of time
expenses
the costs of operating a business
profit
the revenue is greater than expenses
loss
the expenses are greater than revenue
budget
detailed plans for the financial needs of individuals, families, and businesses
start-up budget
plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
operating budget
the financial plan for ongoing operations of the business for a specific period
cash budget
an estimate of the actual money received and paid out for a specific period
financial records
used to record and analyze the financial performance of a business
asset records
name the buildings and equipment owned by the business, their original and current value, and the mount owed if money was borrowed to purchase the assets
depreciation records
identify the amount assets have decreased in value due to their age and use
inventory records
identify the type and number of products on hand for sale
records of accounts
identify all purchases and sales made using credit
accounts payable record
identifies the companies from which credit purchases were made and the amount purchased, paid, and owed
accounts receivable record
identifies customers that made purchases using credit and the status of each account
cash records
list all cash received and spent by the business
payroll records
contain information on all employees, their compensation, and benefits
tax records
show all taxes collected, owed, and paid
assets
what a company owns
liabilities
what a company owes
owner's equity
the value of the owners' investment in the business
financial statements
reports that sum up the financial performance of a business
balance sheet
a company reports its assets, liabilities, owners' equity, and net profit
income statement
sales and profits for a specific period are reported on this
current assets
cash and items that can be readily converted to cash such as inventory and accounts receivable
long-term assets
assets with a lifespan of more than a year
current liabilities
liabilities paid within a year
long-term liabilities
debts that will continue for longer than a year
net income
occurs when revenue is greater than expenses
net loss
occurs when expenses are greater than revenue
payroll
the financial record of employee compensation, deductions, and net pay
payroll taxes
companies pay Social Security, Medicare, etc. for their employees
payroll record
the form used to track each employee's pay history
earnings report
includes information for the current pay period and the cumulative amounts for the year
direct deposit
the employer transfers net pay electronically into the employee's bank account
financial performance ratios
comparisons of a company's financial elements that indicate how well the business is performing
discrepancies
differences between actual and budgeted performance
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