Matching Pairs Fiscal TermsOnline version Fiscal Terms for the Home Child Care Business Sessions by Heather B 1 Separation of Duties 2 Revenue 3 Fiscal Year 4 Assets 5 Internal Controls 6 Liabilities 7 Forecasting 8 Expenses 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. Money spend and costs incurred to run the program. 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. Everything with an economic value the program owns. Revenue is the total amount of money collected for services or goods sold before any expenses are subtracted. Having more than one person complete a task. This is considered an internal control to help reduce risk. 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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