Finance Revision Notes

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10 Terms

1

Accrued Income

Income that has been earned but not yet received.

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2

Accrued Expenses

Expenses that have been incurred but not yet paid.

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3

Income Statement

A financial statement showing the revenues and expenses for a specific period.

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4

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and equity at a specific point in time.

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5

Liability

An obligation that a company owes to another entity, which must be settled in the future.

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6

Asset

Resources owned by a business that have economic value.

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7

Prepaid Expenses

Payments made in advance for services or goods to be received in the future.

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8

Income Received in Advance

Money received by a business for services that have not yet been provided.

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9

Going Concern

The assumption that a business will continue to operate in the foreseeable future.

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10

Current Financial Year

The period for which financial statements are prepared, often covering 12 months.

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