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ch 12 vocab
| Term | Definition |
|---|---|
| revenue | income, especially when of a company or organization and of a substantial nature. |
| expenses | the cost required for something; the money spent on something. |
| budget | an estimate of income and expenditure for a set period of time |
| start- up budget | is an itemized list of income and expenses for a new business |
| operating budget | an estimate of the income and expenditure of a company or organization over a set period |
| cash budget | is an estimation of the cash inflows and outflows for a business over a specific period of time |
| financial records | maintained by most businesses include a statement of retained earnings and cash flow |
| assets | a useful or valuable thing, person, or quality. |
| liabilities | the state of being responsible for something, especially by law. |
| owners equity | s the difference between the value of the assets and the value of the liabilities of something owned |
| balance sheet | statement of the assets, liabilities, and capital of a business |
| income statement | s one of the financial statements of a company and shows the company’s revenues and expenses |
| payroll | a list of a company's employees and the amount of money they are to be paid. |
| payroll record | maintained by the employer about the number of hours worked |
| direct deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account |
| financial performance ratios | or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements |
| discrepancies | a lack of compatibility or similarity between two or more facts |
| Profit | a financial gain, especially the difference between the amount earned |
| Loss | the fact or process of losing something or someone |
| Current assets | cash and other assets that are expected to be converted to cash within a year |
| Long-term assets | Assets that are not intended to be turned into cash or be consumed within one year of the balance sheet date |
| Current liabilities | amounts due to be paid to creditors within twelve months. |
| Long-term liabilities | are financial obligations of a company that become due more than one year. |
| Net income | is an entity's income minus cost of goods sold, expenses and taxes for an accounting period |
| Net loss | is the amount of money the company lost during the period |
| Payroll taxes | imposed on employers or employees, and are usually calculated as a percentage of the salaries |
| Earning’s report | announcement is an official public statement of a company's profitability for a specific time period, |
Created by:
DanielRuthe
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