Final answer:
The terms such as budget overview report, budget vs. actuals, deposit in transit, outstanding checks, collapse, and customize are integral to financial reporting and analysis, aiding in maintaining transparent and accurate financial records.
Step-by-step explanation:
When it comes to financial management and accounting, there are specific terms that one needs to understand clearly:
- Budget overview report — A summary that provides important information about the current state of a budget. It compares the budgeted amounts to actual figures, allowing for a broader understanding of financial health.
- Budget vs. actuals — This term refers to the comparison between what was budgeted for income and expenses vs. what was actually received and paid. This is a core component of financial analysis and helps in identifying variances that need addressing.
- Deposit in transit — A sum of money that has been recorded in a company's accounting system but has not yet been reflected in the bank's records because it has not cleared. This can occur at the end of an accounting period.
- Outstanding checks — Checks that have been written and recorded in the payer's accounting system but have not been cashed or cleared by the bank. These need to be accounted for to ensure accurate financial statements.
- Collapse — In financial software or spreadsheets, this term could refer to the feature that allows you to minimize or 'collapse' a set of accounts or financial details to view only summary information.
- Customize — The ability to alter reports or data presentations to fit specific needs or requirements. This can involve modifying the layout, adding or removing data points, or filtering information for better analysis.
Each of these terms is vital to thorough financial reporting and analysis. They help individuals and businesses maintain clear and precise records to make informed decisions.