Separation of Duties
Fiscal Year
Expenses
Forecasting
Assets
Liabilities
Revenue
Internal Controls
Having more than one person complete a task. This is considered an internal control to help reduce risk.
Everything with an economic value the program owns.
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.
Processes that help reduce risk and provide reasonable assurance about the integrity of financial information, the effectiveness of operations, and compliance with laws.
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.
Debts that the program is responsible to pay.
Revenue is the total amount of money collected for services or goods sold before any expenses are subtracted.
Money spend and costs incurred to run the program.
