Finance Revision Notes
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10 Terms
Accrued Income
Income that has been earned but not yet received.
Accrued Expenses
Expenses that have been incurred but not yet paid.
Income Statement
A financial statement showing the revenues and expenses for a specific period.
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and equity at a specific point in time.
Liability
An obligation that a company owes to another entity, which must be settled in the future.
Asset
Resources owned by a business that have economic value.
Prepaid Expenses
Payments made in advance for services or goods to be received in the future.
Income Received in Advance
Money received by a business for services that have not yet been provided.
Going Concern
The assumption that a business will continue to operate in the foreseeable future.
Current Financial Year
The period for which financial statements are prepared, often covering 12 months.
