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Finance > CFM Final - Last Quarter!! > Flashcards

CFM Final - Last Quarter!! Flashcards

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1
Q

Why have an annual stewardship plan?

A

makes every person in the church aware of their responsibility to God and to be obedient in giving through the church.

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2
Q

Why do you need a stewardship plan?

A

bridges all cultural, spiritual and generational chasms

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3
Q

Monthly Reports

Jamieson book

A

Bank Reconciliation
General Ledger
Fund Activity Report
Financial Statements

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4
Q

Purpose of Budgeting

A

states church plan for a year

road map where they have been and where they are going

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5
Q

Budget defintion

A

tool for disarming the power of money
deeply doctrinal documents
a plan for allocating the resources of the congregation

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6
Q

Reasons for budgeting

A 
formalizes planning
reduces emotion-charged discussion as to the use of funds
Basis performance evaluation
Basis for control
Gets members involved
Increases commitment to giving
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7
Q

Financial transparency

A

ways of disarming the power of money

secrecy plays money in a position of power

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8
Q

2Principals of Internal Control

And explain importance

A 
physical controls to safeguard assets
segregation of duties
authorization procedures
document transaction trails
reconciliation controls
competent trustworthy employees
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9
Q

Fraud Triangle

A

perceived pressure
perceived opportunity
rationalization

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10
Q

Christian Stewardship

A

responsibility to live wholly for God, managing our resources to give him glory and benefit humanity.

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11
Q

Importance of preaching on stewardship

A

until we surrender every part of our lives, will not fully understand stewardship

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12
Q

Biblical view on stewardship

Need a scripture from each OT and NT

A

OT - grows out of Hebrew view of life in general

NT - depends upon the will of God as revealed in Jesus Christ

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13
Q

Parts of a balance sheet

A

assets
liabilities
net assets

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14
Q

Financial reporting basic concepts

A

statement of financial position
statement of activities
statement of cash flow
budgeted financial statement

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15
Q

Fiduciary responsibility

A

duty to perform responsibilities in good faith and in a manner they believe is the best interests of the corporation

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16
Q

Cash flow terms

A

plot income
plot expenses
look for variations
project

17
Q

Internal Audits

A 
Watch Income
Examine expenses
Checking record keeping
Watching reporting
Presenting reports
18
Q

Three reasons fraud happens at a church

A

Lack of segregation of duties
Trust
Change

19
Q

Four functions of money management

Explain what they mean

A

Receiving
Recording
Budgeting
Spending

20
Q

Function of money management

Receiving

A

receiving, counting, safeguarding and preparing it

income side

21
Q

Function of money management

Recording

A

physical records, where it is kept, how much is available

22
Q

Function of money management

Budgeting

A

make decisions about what to do with available income

23
Q

Function of money management

Spending

A

“outgo” side

24
Q

SA Accounting Periods

Fiscal year

A

Oct 1 - Sept 30

25
Q

GL

A

General Ledger

26
Q

AR

A

Accounts receivable

27
Q

AP

A

Accounts payable

28
Q

FYE

A

Fiscal year end

29
Q

YTD

A

Year to date

30
Q

Shelby Modules

A 
Accounts Receivable
Accounts Payable
General Ledger
Bank Reconciliation
Contributions
31
Q

Shelby Reports

Explain what they are used for

A 
Balance Sheet
Income Sheet (budgeted financial statement)
Bank Reconciliation
Accounts Receivable Detail Aging
Accounts Payable Analysis Report
32
Q

2 most important reports

A

Balance Sheet

Income & expense report (budgeted financial statement)

33
Q

Net assets

A

Assets - liability

34
Q

Cash balance

A

funds available

35
Q

Balance sheet

A

Snap shot of financial position on a given date

36
Q

Dual “management structure”

A

Professional goals

Financial goals

37
Q

Dual “management structure”

professional goals

A

reach and make disciples of all people

38
Q

Dual “management structure”

Financial goals

A

financial planning and control

39
Q

Qualifications for Church leaders

A

1 Timothy 3:8-13
Titus 1:6-9
Trustworthiness
Integrity

Finance (2 decks)

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