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Corps Finance Managament Final > final > Flashcards

final Flashcards

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1
Q

What is Christian Stewardship

A

concerns and responsibility to live wholly for God

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2
Q

Define Stewardship

A

the careful and responsible management of something entrusted to one’s care

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3
Q

how does stewardship benefits the church

A

brings money in and helps to prioritize the lives of our congregations

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4
Q

what are parts of a balance sheet

A

assets
liabilities
fund balance

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5
Q

what are the financial reporting basic concepts

A

assets= liabilities + fund balance

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6
Q

what is fiduciary responsibility

A

duty to spend money for the best interest of your company

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7
Q

what are cash flow

A

how and when money comes into the church and is spent

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8
Q

what are cash flow management

A

projecting income and expenses with the goal of paying bills on time

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9
Q

what are negative cash flow

A

where the expense line is more than income

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10
Q

what are positive cash flow

A

when the income line is more than expense

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11
Q

what are the cash flow terms

A

cash flow

Cash flow management

negative cash flow

positive cash flow

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12
Q

what is the management observation line report

A

shared with the corps council and advisory board

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13
Q

3 key elements of separation of duties

A

person who approve purchases should not prepare checks for payment

individual who approves the checks should not prepare checks for payment

person who authorized checks should not be the person who approves purchases

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14
Q

what reports do you have to do monthly

A

balance sheet

budgeted financial statement

bank reconciliation

aged analysis report

accounts receivable detail aging

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15
Q

bank reconciliation

A

summary of banking and business activity

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16
Q

budgeting purposes

A

plan for allocating the resources of the corporation

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17
Q

proforma budget

A

a budget prepared in advance of possible changes to your company that would affect your business operating structure

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18
Q

what are the 2 goals of internal control

A
  1. protect the assets of the company

2. makes accounting data more reliable

19
Q

6 principles of internal control

A
  1. establish responsibility
  2. separate duties
  3. document everything
  4. Physical, mechanical, and electronic controls
  5. independent internal verification
  6. human resource controls
20
Q

what are the 3 points of the fraud triangle

A

opportunity - workplace environment must provide opportunities

financial pressure - personal financial problems caused by too much debt

Rationalization - to justify their fraud

21
Q

what scriptures relate to the qualifications for church leaders

A

1 timothy 3

titus 1

22
Q

name the 5 primary Shelby modules

A

accounts payable

accounts receivable

bank reconciliation

balance sheet

income and expense report

23
Q

what are the 2 most important reports

A

balance sheet

income and expense report

24
Q

3 main factors that contribute to fraud

A

lack of separation of duties

trust- churches need to trust employees with money

change- new personal could have a lack of training and knowing of procedures

25
Q

what are internal control procedures and policies

A

to make sure the assets and records are safe from theft and manipulation

26
Q

what are the Shelby abbrieviations

A 
BFS
GL
AR
AP
CN
BR
FYE
YTD
27
Q

What is BFS

A

budgeted financial statement

28
Q

What is GL

A

General ledger

29
Q

what is AR

A

Accounts Receivable

30
Q

What is AP

A

Accounts Payable

31
Q

What is CN

A

Contributions

32
Q

What is BR

A

Bank Reconciliation

33
Q

What is FYE

A

Fiscal Year Ending

34
Q

What is YTD

A

Year To Date

35
Q

What is debit

A

Activity on the left side of double entry

36
Q

What is the SA budgeting period

A

Oct. 1 - Sept. 30

37
Q

when do you prepare operating budget

A

late spring/early summer

38
Q

what are the budget preparations

A

History - how much was spent last year

any changes to programing

cost of living/inflation charges

change of circumstances - asst. officer added?

39
Q

5 things a church should do to intentionally foster transparency

A

conduct an annual audit of their financial statements

share complete audited financial information openly with congregation

comprehensive system of internal control in place

actively engage in preventing fraud

purposely foster an internal culture of openness

40
Q

What are the 4 basic functions of money management?

A
  1. receive
  2. record
  3. budget
  4. spent
41
Q

What are nondiscretionary expenses

A

Expense you have no control over

42
Q

What does it mean to be nonprofit?

A

charitable, tax exempt, and publically owned.

43
Q

what are 3 THQ held reserves?

A

unrestricted
temporarily restricted
permanently

Corps Finance Managament Final (1 decks)

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