Matching Pairs Fiscal Terms - BudgetingOnline version Match the Term to its Definition by Julie Catherino 1 Separation of Duties 2 Assets 3 Expenses 4 Forecasting 5 Fiscal Year 6 Internal Controls 7 Revenue 8 Liabilities Processes that help reduce risk and provide reasonable assurance about the integrity of financial information, the effectiveness of operations, and compliance with laws. The total amount of money collected for services or goods sold before any expenses are subtracted. A 12-month period of time used for tax and accounting purposes and preparing financial statements. The fiscal year can coincide with the calendar year. However, it can also be different, depending on business needs. Money spent or costs incurred to run the program and earn revenue. The process of using historical financial information to predict future business trends. Owners can use it to estimate future budgets and make financial decisions during the year. Debts that the program is responsible to pay. Everything with an economic value that the program owns. Having more than one person complete a task. This is considered an internal control to help reduce risk.
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