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The Fundamentals of Finance
• Bookkeeping is the exercise of identifying,
categorizing, and recording all the
transactions...
The Fundamentals of Finance
• A financial report is a document
prepared for internal company use.
• A financial statement ...
The Fundamentals of Finance
Types of Costs
•Sunk Costs
•Recurring Costs
Basic Concepts
The Fundamentals of Finance
• The matching principle
• The cost principle
• The consistency principle
• The objectivity pr...
The Fundamentals of Finance
Budgeting Terms
•A budget is an operating plan that
outlines projected revenue and expenses
fo...
The Fundamentals of Finance
Budgeting Terms ctd.
•Forecasting is the process of putting
together several projections to cr...
The Fundamentals of Finance
What’s My Role?
•No matter what your role is, you can
help save your company money.
•Small sav...
The Fundamentals of Finance
Your Role in Company Finances
Business Mentor Perth – Call 0407 900 234
www.executivementors.c...
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Budgets and managing money presentation 1.1

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Budgets and managing money is about what systems and skills are required in business to be successful and profitable. A business, also known as an enterprise or a firm, is an organisation involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be not-for-profit or state-owned. www.executivementors.com.au

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Budgets and managing money presentation 1.1

  1. 1. The Fundamentals of Finance • Bookkeeping is the exercise of identifying, categorizing, and recording all the transactions that take place in a business. • Accounting is the methodology used to record the transactions and prepare financial statements and reports. • Accounting guidelines govern how businesses record transactions. Basic Concepts
  2. 2. The Fundamentals of Finance • A financial report is a document prepared for internal company use. • A financial statement is a formal document prepared in a specific format as outlined by your region’s Generally Accepted Accounting Principles or another governing organization. Basic Concepts
  3. 3. The Fundamentals of Finance Types of Costs •Sunk Costs •Recurring Costs Basic Concepts
  4. 4. The Fundamentals of Finance • The matching principle • The cost principle • The consistency principle • The objectivity principle • The realization principle Generally Accepted Accounting Principles (GAAP)
  5. 5. The Fundamentals of Finance Budgeting Terms •A budget is an operating plan that outlines projected revenue and expenses for a particular period of time. •A projection is a prediction for the future, based on past data, extrapolation, and key factors. Generally Accepted Accounting Principles (GAAP)
  6. 6. The Fundamentals of Finance Budgeting Terms ctd. •Forecasting is the process of putting together several projections to create a projection for the future. •Extrapolation is the process of applying past data to the future to arrive at a reasonable projection. Generally Accepted Accounting Principles (GAAP)
  7. 7. The Fundamentals of Finance What’s My Role? •No matter what your role is, you can help save your company money. •Small savings add up! •What can you do to improve your organization’s finances? Your Role in Company Finances
  8. 8. The Fundamentals of Finance Your Role in Company Finances Business Mentor Perth – Call 0407 900 234 www.executivementors.com.au

Budgets and managing money is about what systems and skills are required in business to be successful and profitable. A business, also known as an enterprise or a firm, is an organisation involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be not-for-profit or state-owned. www.executivementors.com.au

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