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100
items of value owned by a business
What is Assets
100
a financial statement that lists what a business owns, what it owes, and how much it is worth at a particular point in time
What is Balance sheet
100
volume of sales that must be made to cover all the expenses of a business
What is Break-even point
100
an accounting report that describes the cash that flows in and out of a business
What is a book in which one records the dates, amounts, and names of people to whom checks have been written
100
property the borrower forfeits if he or she defaults on a loan
What is Collateral
200
the cost of the inventory a business sells during a particular period
What is Cost of goods sold
200
money loaned to a business with the understanding that the money will be repaid, with interest, in a certain time period
What is Debt capital
200
fees that must be paid regardless of how much of a good or service is produced
What is Fixed costs
200
used to record any kind of transaction
What is General journal
200
used to post items that are recorded in journals; ledgers separate transactions by account, allowing business
What is General ledger
300
profit before operating expenses are deducted
What is Gross profit
300
the dollar amount of all sales, including returns
What is Gross sales
300
a financial statement that shows a business's revenue, expense, and profit over a period of time, usually a year
What is Income statement
300
an amount charged for borrowing money
What is Interest
300
the stock of goods a business has for sale
What is Inventory
400
accounting records of the business transactions made
What is Journals
400
money owed to others
What is Liability
400
an amount added to the cost to determine the sales price
What is Markup
400
an amount deducted from the retail price to determine the sales price
What is Markdown
400
the amount remaining after costs of goods sold and operating expenses are subtracted from sales
What is Net profit before taxes
500
the dollar amount of all sales after returns have been subtracted
What is Net sales
500
the expenses necessary to operate a business
What is Operating expenses
500
the difference between assets and liabilities
What is Owner's equity
500
involves taking a physical inventory of the merchandise
What is Periodic inventory method
500
keeps track of inventory levels on a daily basis, using stock cards or a computer
What is Perpetual inventory method
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