An accounts receivable aging report or schedule is a report that lists all of the amounts that your customers owe you and groups the amounts owed into categories that show if the amounts customer's owe are current or past due.

A major factor that might affect the time that it takes to collect your sales is your credit terms granted to yor customers .

Common sense tells you that the longer the period of time that you allow your customers to pay you, the longer it will take to get your cash

An accounts payable aging report tells us if we are paying our customers on time.

Accounts Receivable and Accounts Payable Aging Reports are tedious and time consuming to prepare using a manual bookkeeping system.

Managing Cash Flow is one of the most important tasks every top manager and business owner must be able to understand.

A cash forecast is just an estimate of your business's cash inflows and outflows over a certain period of time

A Cash Flow Forecast or Budget can be prepared for any period of time, a day, week, month, year, or even many years into the future.

Profits and Cash Flow are not actually needed for a business to survive and be successful.

Most of the cash a business receives results from sales.

A budget is an estimate of future revenues, costs, and expenses for a specified future period of time.

A flexible budget does not change over the life of the budget.

Analysis of financial statements to aid in determining past experience and trends provides little help for preparing budgets.

A static budget evaluates the effectiveness of the original budgeting process.

The good spreadsheets as well as some accounting software allow you to input your prior financial information and use formulas to prepare the budget for you.

A budget compares actal budgeted amounts to estimated budgeted amounts. Careful, this is a trick question !