| A | B |
|---|
| an organization iwth goals other than earning a profit | not for profit organziation |
| a set of accounts used to record the transactions for a particular activity | fund |
| an accounting system used fy not for profit organizations | fund accounting |
| a formal written statement of expected revenue and expenditures for a future period | budget |
| the period of time covered by a budget | budget period |
| estimate of the money to be received during a budget period | revenue projections |
| an estimate of the amount to be paid out for goods and services during a budget period | expenditure projections |
| method of developing a budget that is not based on previous expenditures | zero based budget |
| result of receiving more revenue than expenditures paid out | surplus |
| report that summarizes and compares the current years budget to previous actual amounts and current year amounts | budget summary report |
| budgeted amount that remains to be collected or spent as of a specified date | free balance |
| change made to a current budget amount to take into account changes | budget adjustments |
| artificial legal entity that has rights and responsibilities | corporation |
| an owner of a corporation | stockholder |
| share of ownership in a corporation | stock |
| situation in which both the earnings of the corporation and the distribution of those earnings to stockholders is taxed | double taxation |
| an application to organize a business as a corporation | articles of incorporation |
| approved articles of incorporation | charter |
| group of individuals elected by stockholders who govern and are responsible for the affairs of the corporation | board of directors |
| each stockholder's right to purchase additional shares of new stock issues in proportion to her or his present holding | preemptive right |
