Service Business
Retail/Sales Business
Manufacturing Business
100
A business that provides a service to satisfy the needs or wants of a costumer.
What is a service business?
100
Retail/ Sales business is The seller or salesperson – the provider of the goods or services.
What is Sales Business
100
A business that produces goods for sale.
What is manufacturing business.
200
Service Businesses
What requires the simplest type of accounting?
200
Credit
Retail stores often buy inventories on...this.
200
- they need systems that account for thier inventory of raw materials - inventory of goods in process -direct labour - inventory or finished goods
What factors must be considered when calculating profit.
300
No type of service business has product inventory to record.
What type of service business has product inventory to record.
300
Business year ; the 12-month period used for finicial calculations and comparison by a business.
What is a fiscal year?
300
Engineering, industrial design
What is the manufacturing sector closely related to?
400
this is transactions.
recording this is simple
400
Left-over money after deducting cost of goods sold from revenue.
What is gross profit
400
Heavy Light Hi-tech
Manufacturing industry can be divided into what three categories?
500
net profit/ net income
The amount of money leftover is called?
500
The cost of inventory that was sold to generate business revenue for specific period of time.
What is Cost of goods sold?
500
Direct labour is when directly involved in the manufacturing process. Indirect- different labour in different departments.
What is the difference of direct, in-direct labour?
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