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Chapter 7.1 words
Vocabulary
| Term | Definition |
|---|---|
| Pro-forma financial statements | Financial Statements based purely on projections |
| Start-up costs | The expenses paid to establish a business. Some people have to borrow money to get these expenses. |
| Assets | Represent things of value that a person or company owns and has in its possession or something that will be received and can be measured objectively. |
| Depreciation | lowering of value of an asset to reflect its current value |
| Liabilities | what a person or company owes to others – creditors, suppliers, tax authorities, employees, etc |
| Operating expenses | expenses necessary to operate a business, includes: Salaries, lease, advertising, insurance, office supplies, utilities, phone, internet, etc. |
| Owners' equity | represents retained earnings and funds contributed by its shareholders, who accept the uncertainty that comes with ownership risk in exchange for what they hope will be a good return on their investment |
Created by:
jrmckain
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