Session 06.1 basic financials

Start, Run & Grow Your Business
Basic Financials
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Accounting Terms: Why Bother?

Planning is not Accounting
Image: publicdomainpictures.net

Important Vocabulary

Income Statement
Profit and Loss
Sales
Expenses
Costs of
Sales
Profit
Direct Costs,
Costs of Goods Sold

Balance
Snapshot of a Single Moment
Liabilities
Assets
Capital
Profit

Expenses: Money Gone Away
Image: 401kcalculator.org

Assets vs. Expenses

Assets vs. Expenses:
Understanding why this matters

Tax Implications

Asset or Expense?

The Cash Flow
Assets
Costs of
Sales
Profit
Sales
Liabilities
CapitalExpenses
Spent
Balance
Cash
Received

Sales: Not Necessarily Money Received
Assets?
Costs of
Sales
Liabilities
CapitalExpenses
Received?
Spent
Cash
Sales

Costs: Not Necessarily Money Spent
Assets?
Costs of
Sales
Sales
Liabilities?
CapitalExpenses
Spent?
Cash
Received

Asset or Expense?
Image: Wikimedia Commons

Practical Implications
■ Deductions
■ Taxes
■ Profits
■ Cash flow

Session 06.1 basic financials

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Session 06.1 basic financials