Business Financial Records

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Presentation transcript:

Business Financial Records Chapter 15 Business Financial Records ©2008 Thomson/South-Western Chapter 15 Business Financial Records

Business Financial Records Financial records — organized summaries of a business’s financial information and activities Small-scale record systems — manual records systems, cash register information, accounting software Large-scale record systems — accounting software, accounting departments, POS terminals, outsourcing Chapter 15 Business Financial Records

Types of Financial Records Cash records Credit records Accounts receivable record Accounts payable record Depreciation records Special asset records Tax and payroll records Chapter 15 Business Financial Records

Business Financial Records Types of Budgets Start-up budget Operating budget Cash budget Capital budget Sales budget Chapter 15 Business Financial Records

Business Financial Records The Balance Sheet Balance sheet — financial statement that reports a business’s assets, liabilities, and capital on a specific date Assets — anything of value owned Liabilities — claims against assets (debts) Capital — value of owner’s investment after subtracting liabilities from assets Chapter 15 Business Financial Records

Business Financial Records The Income Statement Income statement (profit and loss statement) — financial statement that reports information about revenues and expenses for a specific period Revenue Expenses Profit or loss Chapter 15 Business Financial Records

Using Financial Information Cash flow — movement of cash into and out of a business Working capital — difference between current assets and current liabilities Financial ratios — used to identify possible problems needing correction; examples are return on sales, inventory turnover, current ratio, return on investment Chapter 15 Business Financial Records

Business Financial Records Cash Flow Chapter 15 Business Financial Records

Sources of Financial Information Accountants Bankers Consultants Government Small Business Administration (SBA) Chapter 15 Business Financial Records