When a shoe manufacturer purchases fabric, rubber, and other raw materials, then adds all the direct labor and manufacturing costs used to produce those shoes, that is:
The process of recording, maintaining, and reporting an organization’s financial transactions and records is:
This accounting method means revenues and expenses are recognized and recorded at the time they occur, even if money doesn’t change hands
Gross Profit minus Operating Expenses equals:
A person or company that can no longer pay money that is owed; when the total value of debts exceeds the total value of assets
The_____ is the driver that leads to risk- taking and the creation of economic value through innovation.
____is used to measure the amount of debt as compared to other important accounts, like equity, assets, and earnings.
Operating are directly associated with operating a business.
The financial gain earned when the revenue generated from a business exceeds all the expenses associated with achieving that revenue, over a certain time period is:
This analysis compares many items against the same or “base” item, like revenue, and the comparisons are expressed as a percentage?
The ease with which an asset can be exchanged for, or converted into cash, at the prevailing market price is:
Revenue is the total sales for a company over a certain period of time, and is also often referred to as the___.
___focuses on the management of the assets, liabilities, equity, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth.
Complete the statement with the correct term. The double entry- accounting is used to ensure the “accounting equation” is always