Shared Flashcard Set

Details

Arts Management 1 Exam Prep
Lesson 8
13
Art/Design
Undergraduate 2
08/15/2011

Additional Art/Design Flashcards

 


 

Cards

Term
GAAP
Definition
Generally Accepted Accounting Principles
Term
CICA
Definition
Canadian Institute of Chartered Accountants
Term
AP
Definition
Accounts Payable
Term
AR
Definition
Accounts Receivable
Term
Fiscal Year
Definition
Time period representing the organization's accounting cycle
Term
Audit
Definition
Review of the organization's financial activity over 1 year period
Term
List the 5 Account Classes
Definition
  • Assets
  • Liabilities
  • Equity
  • Revenue
  • Expenses
Term
FMIS
Definition
Financial Management Information System, tracks the financial activity of all accounts for the organization
Term
List the steps in Financial Planning for an Arts organization
Definition
  • Board of Directors authorizes spending of funds
  • Various departments spend money to create product
  • Various departments report spending data to FMIS
  • Data is retrieved in various report formats
  • Data is analyzed then reported to Board of Directors

 

Term
Budget
Definition
is a plan for a specific period of time of what an organization will generate in revenues, and what it will spend in expenses in order to turn its artistic plans into a reality
Term
List the elements of a budget
Definition
  • Revenue
  • Expenses
  • Bottom line

 

Term
List control strategies to stay on top of Financial Situations
Definition
  • Follow annual planning activities
  • Maintain good accounting records
  • Use software that allows creation of reports and statements
  • Read and share reports and statements
  • Analyze any red flags
Term
List the budget columns
Definition
  • Budget
  • Actual
  • Variance
  • Forecast
  • Variance 2
  • Year end final
  • Percentage Budget
  • Percentage Total
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