fanical reports Flashcards
(9 cards)
What is a Fiscal Year?
A period of 12 months used for accounting purposes.
What is a Budget?
A detailed plan of expected income and expenses for a period of time.
What is an Expense?
A financial cost, fee, or charge.
What is Revenue?
Income, money, or other gains received.
What is a Balance Sheet?
A report that shows the financial condition of a company as of a specific date.
What are Assets?
Money and goods or property owned.
What are Liabilities?
Debts owed to others.
What is Owner’s Equity?
The owner’s share of worth of a firm.
What is Interest?
Money earned on an investment or paid on money that is borrowed.