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Chapter 10 Reviewer

The document discusses key financial terms like financial statements, budgets, auditing, and controlling. It provides definitions and explanations of financial statements like the balance sheet and income statement. It also lists the three major types of budgets and three financial conditions of an organization.

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andzie09876
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21 views

Chapter 10 Reviewer

The document discusses key financial terms like financial statements, budgets, auditing, and controlling. It provides definitions and explanations of financial statements like the balance sheet and income statement. It also lists the three major types of budgets and three financial conditions of an organization.

Uploaded by

andzie09876
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REVIEWER Enumerations:

FINANCIAL STATEMENTS - Is a report that shows Two types of audit


the financial activities and performance of a
1. External Auditing
business.
2. Internal Auditing
FINANCIAL CONTROL - Is a senior – level
3 Major Financial Condition of an Organization
manager who oversees, a business day to day
financial operations. 1. Liquidity
2. General Financial statements
Management control - The process of ensuring,
3. Profitability
evaluating, monitoring and controller the
various sub unit of the organization

Revenue budgets - Primarily assess marketing 3 types of budgets


and sales effectiveness by estimating the
expected sales. 1. Operating budgets
2. Revenue budgets
Balance sheet - Also known as the statement of 3. Variable versus Fixed Budgets
financial position.
The steps in the control process
Auditing - Involves more than just uncovering
fraud; it serves various purposes, including  Establish standard and methods for a
ensuring the honesty of financial statements measuring performance
and offering a foundation for management  Measure the performance
decisions  Determine whether performance
matches the standards
Budgets - Are formal quantitative statements of  Take corrective action.
the resources set aside for carrying out planned
activities over a period of time. The Three financial statements

Controlling - Is a good oriented function. It is a 1. Balance sheet


primary function of a manager is a pervasive 2. Income statement
function. 3. Cash flow

Income statement - Is a financial statement that


shows the company’s expenses and revenue for
a specified period.

Cash flow - Is a financial statement that explains


the net change in cash for the year.

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