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Definition
| Generally Accepted Accounting Principles |
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Definition
| Canadian Institute of Chartered Accountants |
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Definition
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Definition
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Definition
| Time period representing the organization's accounting cycle |
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Term
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Definition
| Review of the organization's financial activity over 1 year period |
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Term
| List the 5 Account Classes |
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Definition
- Assets
- Liabilities
- Equity
- Revenue
- Expenses
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Term
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Definition
| Financial Management Information System, tracks the financial activity of all accounts for the organization |
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Term
| List the steps in Financial Planning for an Arts organization |
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Definition
- Board of Directors authorizes spending of funds
- Various departments spend money to create product
- Various departments report spending data to FMIS
- Data is retrieved in various report formats
- Data is analyzed then reported to Board of Directors
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Term
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Definition
| is a plan for a specific period of time of what an organization will generate in revenues, and what it will spend in expenses in order to turn its artistic plans into a reality |
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| List the elements of a budget |
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Definition
- Revenue
- Expenses
- Bottom line
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Term
| List control strategies to stay on top of Financial Situations |
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Definition
- Follow annual planning activities
- Maintain good accounting records
- Use software that allows creation of reports and statements
- Read and share reports and statements
- Analyze any red flags
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Term
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Definition
- Budget
- Actual
- Variance
- Forecast
- Variance 2
- Year end final
- Percentage Budget
- Percentage Total
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