What is when a company sells a stock for a price that is higher than they paid for it?
Capital Gain
100
What is Budget?
The allocation of money to various areas of the business. To budget accurately, the business must estimate both sales and expenses.
100
Asset is the value that the business owns.
Asset? Meaning?
100
What is mortgage loan?
The debt a business has to pay for real estate.
200
What is a Balance Sheet?
A financial statement that shows the financial position of a business on a single, specific date.
200
What does COGS mean?
1.Cost of Good Sold
2.Communicating of Good Sale
3.Cost of Good Sales
200
Loan Payable/Notes Payable
The money borrowed from a bank or other financial institutions.
200
Shows the total amount of the goods bought by the business/company in a year.
Purchases? The Meaning of purchases?
200
What is Goods in Process?
Records the cost of all the partially finished goods at inventory time, which is normally the end of the fiscal year.
300
What is financial statements are presented to shareholders and potential investors in the form of a glossy publication?
Annual Repets
300
Give example of the between Long-Liabilities and Short Liabilities?
Liabilities obligation payable in goods or services at a future period more than 12 months away from today or the date of balance sheet.
Long-Liabilities are the debts of a business.
300
What is Gross Profit?
All the money that is left over after deducting the cost of goods sold form the revenue.
300
Define Transaction
Any business activity involving money is recorded as a transaction.
400
The movement of cash in and out of the business?
Cash Flow
400
What is Accounts Recevable?
Debts owed to a business by customers, suppliers, etc.
400
Type of Assets?
Human Capital
Natural assets that are not economic assets
500
Liabilities?
The debts of a business.
500
What is Taxation?
All businesses operating in Canada have to pay taxes on their profits or earnings.