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An event or activity that involves monetary value. |
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It is a space that we use in order to record and/or summarize certain type of expenses. |
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A list of all accounts, categorized and coded in groups that are related and consistent, some main (parent) accounts may have sub (child) account/s, sub accounts add up to the main account. |
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It is a sheet or a report that summarizes certain set of accounts in an agreed layout which makes it easier for audience to read and analyse.
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Money earned from selling goods or services. |
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Cost of goods or services that a business buys and / or uses in order to earn revenue. |
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It is the owner’s investment in the business; it is also the owner’s equity. |
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| Any financial statement that represents money related transactions. A financial statement (or set of statements) reflects a particular entity’s financial situation at a certain and specific time frame. Financial statements are presented in an organized and agreed upon form and layout across businesses and countries to make it easier to read and analyze. |
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| A statement that summarizes the entity's income and expenses over specific period of time. It is a financial statement that reports the company's revenues and expenses over an interval of time. It shows whether the company was able to generate enough revenue to cover the expenses of running the business. If revenues exceed expenses, then the company report net income. If the expenses exceed revenues, the company reports a net loss. |
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A snapshot for the business at a particular point in time. It shows everything in monetary terms, i.e., an organizations assets, liabilities, etc. Any balance sheet share reflect sources of money that the business received and the uses of the money or where the organization has decided to utilize the money |
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| A report that summarizes the cash transaction into and from the organization over a period of time |
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| A report that summarizes critical financial information related to an organization's portfolio activities which does not sufficiently appear neither in a balance sheet or an income statement. |
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| Non-Financial Data Report |
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| A report that summarizes other necessary information related to the MFIs operations which is necessary for analysis. |
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A Reporting System has what three stages? |
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- transactions and input
- processing
- information and output
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The system recognizes unprocessed facts that do not give insights to management
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The system applies a set of policies and procedures that enable organization to categorize and nurse transactions consistently |
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Reports are produced that give insights and help in making decisions, this same concept apply on accounting or any other report producing system |
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