fanical reports Flashcards
(9 cards)
1
Q
What is a Fiscal Year?
A
A period of 12 months used for accounting purposes.
2
Q
What is a Budget?
A
A detailed plan of expected income and expenses for a period of time.
3
Q
What is an Expense?
A
A financial cost, fee, or charge.
4
Q
What is Revenue?
A
Income, money, or other gains received.
5
Q
What is a Balance Sheet?
A
A report that shows the financial condition of a company as of a specific date.
6
Q
What are Assets?
A
Money and goods or property owned.
7
Q
What are Liabilities?
A
Debts owed to others.
8
Q
What is Owner’s Equity?
A
The owner’s share of worth of a firm.
9
Q
What is Interest?
A
Money earned on an investment or paid on money that is borrowed.
