Financing Financial Resources and Decisions

Jun 21st, 2015
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A financial resource is what a business uses to acquire and place all the other resources in place in order to generate wealth for the business. There are three types of financial resources that each business requires. The first one is the fixed capital financing and involves the acquisition of fixed resources such as plant and equipment, computers, and land

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ACCOUNTS & FINANCE GLOSSARYAccounts payable - a record of all short-term (less than 12 months) invoices, bills and other liabilities yet to bepaid. Examples of accounts payable include invoices for goods or services, bills for utilities and tax paymentsdue.Accounts receivable - a record of all short-term (less than 12 months) expected payments, from customersthat have already received the goods/services but are yet to pay. These types of customers are called debtorsand are generally invoiced by a business.Accounts receivable finance - see Factoring.Accrual accounting - an accounting system that records transactions at the time they occur, whether thepayment is made now or in the future.Amortisation - the process of expensing for intangible assets such as goodwill and intellectual property over aperiod of time. See also Depreciation.Assets - are things you own. These can be cash or something that can be converted into cash such as property,vehicles, equipment and inventory.Audit - a physical check performed by an auditor or tax official on a business' financial records to check thateverything is accounted for correctly.Bad debts - money owed to you that is unlikely to be paid to you in the foreseeable future.Balance sheet - a snapshot of a business as of a particular date. It lists all of a business' assets and liabilitiesand works out the net assets.Balloon payment - a final lump sum payment due on a loan agreement. Loans with a larger final balloonpay

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