Assets
Revenue
Forecasting
Separation of Duties
Liabilities
Internal Controls
Expenses
Fiscal Year
The process of using historical financial information to predict future business trends. Owners can use it to estimate future budgets and make financial decisions during the year.
Having more than one person complete a task. This is considered an internal control to help reduce risk.
A 12-month period of time used for tax and accounting purposes and preparing financial statements. The fiscal year can coincide with the calendar year. However, it can also be different, depending on business needs.
Money spend and costs incurred to run the program.
Debts that the program is responsible to pay.
Processes that help reduce risk and provide reasonable assurance about the integrity of financial information, the effectiveness of operations, and compliance with laws.
Revenue is the total amount of money collected for services or goods sold before any expenses are subtracted.
Everything with an economic value the program owns.
