A study on concepts of finance for finance decision making

May 28th, 2015
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Abilene Christian University
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Accounts Receivable – money owed to the co-op usually by customers who have set repayment terms (15 or 30 days to pay) Prepaid expenses – expenses that have be paid in the current accounting period, but all or part of them will apply to the next accounting period.

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Basic Financial ConceptsFinancial ManagementKey Concepts Financial Management management ofthe finances of the co-op in order tomaximize the benefit to the members Goals of financial management Profitability Viability Long term developmentKey Concepts Accounting the provision of financialinformation Financial accounting provides informationregarding the financial position of the co-opand the results of its operation Managerial accounting provides informationfor making better managerial decisionsAccounting Equation Assets = Liabilities + Members Equity or Members Equity = Assets - LiabilitiesAccounting Equation Concepts Assets the resources owned by the Co-op Liabilities the obligations of the Co-op tooutside creditors Members Equity the amount left afterliabilities are subtracted from assetsBalance Sheet Terms Definition a financial statement thatmeasures the financial position of anorganization at a specific time. (A singlemoment in time such as November 30,2003.)Balance Sheet Terms Assets all the resources owned by the coop as of the date of the balance sheet Current assets all the resources which areor will be turned into cash or used up by theco-op within the year Cash cash on hand or on deposit with afinancial institution with a term of less thanone yearBalance Sheet Terms Accounts Receivable money owed to the

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