Matching Pairs Fiscal Terms - BudgetingOnline version Match the Term to its Definition by Julie Catherino 1 Forecasting 2 Liabilities 3 Fiscal Year 4 Expenses 5 Revenue 6 Assets 7 Separation of Duties 8 Internal Controls 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. Everything with an economic value that the program owns. Debts that the program is responsible to pay. 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. Having more than one person complete a task. This is considered an internal control to help reduce risk. Money spent or costs incurred to run the program and earn revenue. The total amount of money collected for services or goods sold before any expenses are subtracted. Processes that help reduce risk and provide reasonable assurance about the integrity of financial information, the effectiveness of operations, and compliance with laws.
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