CL - The Compass Line
COGS - Lining up to Eat!
What is Cost of Goods Sold?
CFO
What is Chief Financial Officer
The MAP for Above Unit Overheads (hint, it's where you are right now)
What is MAP 5?
This document shows a company's financial position at a specific point in time
What is a balance sheet?
This Acronym stands for Generally Accepted Accounting Principles
What is GAAP?
PBO - The line the operators care the most about!
What is Profit Before Overhead?
AP
What is Accounts Payable
The MAP for Client Sales and Retention
What is MAP 1?
This statement details a company's revenues and expenses over a period
What is an income statement?
This principle states that expenses should be matched with revenues
What is the Matching Principle?
PBIT - Getting to the Bottom Line!
What is Profit Before Interest and Taxes
AR
What is Accounts Receivable
The MAP for the Cost of Food
What is MAP 3
This is calculated as revenues minus expenses.
What is Net Income?
This type of accounting records revenues and expenses when they are incurred, not when cash is exchanged
What is accrual accounting?
MV The Line above the top line!
What is Managed Volume
P&L
What is Profit and Loss
The MAP for Unit costs
What is MAP 4
These liabilities are due within one year.
What are current liabilities?
This principle dictates when revenue should be recognized.
What is the Revenue Recognition Principle
JV - Holding Hands across the Finish Line!
What is Joint Venture
AFDA
What is Allowance for Doubtful Accounts
The MAP for Consumer Sales and Marketing
What is MAP 2?
These are the three main sections of a cash flow statement.
What are operating, investing, and financing activities?
These are the two inventory valuation methods that differ in the order of cost flow
What is FIFO and LIFO