What is the process of recording, analyzing, and interpreting the economic activities of a business.
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
Define liabilities
What is the debts of a business.
200
Define and give an example of Credit.
What is the payment for the goods or service received occurs at a future date. Example: a loan
200
What is mortgage
Convey (a property) to a creditor as security on a loan
200
Define a current liability
What is the debts of a business that can pay off very quickly.
300
What is Mortgage loan?
the debt a business has to pay for real estate.
300
Define a "long term liability"
What is debts that will not be repaid for decades.
400
What is the difference between direct and indirect labour?product.
Direct Labour: Work that is directly involved in the manufacturing process.
Indirect labour: Work that is not directly involved in the cost to manufacture the
400
Define Mortgage loan
What is the debt a business has to pay for real estate.
500
What is income statement?
The financial statement that reports the revenues and expenses for a period of time such as a year or a month.