all partially finished goods in the plant at inventory time
What is goods in process
100
A financial statement that shows the financial position of a business on a specific date
What is a balance sheet
200
Paying for the goods they receive at a future date.
What is credit
200
labour that is directly involved in the manufacturing process
What is direct labour
200
money owed to a business
What are accounts receivable
300
All the money left over after deducting the cost of goods sold from the revenue, but before deducting the business expenses tht helped generate the revenue.
What is gross profit
300
labour in the departments of a business not directly involved in the manufacturing process
What is indirect labour
300
Assets that are held for a short period of time and that can quickly be turned into cash. a company funds its day-to-day operations from THIS.
What are current assets
400
THIS is a method of recording all transactions for a business in a specific format.
What is bookkeeping
400
the expenses involved in operating all production facilities
What is factory overhead
400
assets that businesses keep for a long time and that last longer than a year
What are long-term assets
500
the cost of inventory that was sold that was sold to generate business revenue for a specific period of time
What is cost of goods sold
500
the total of the costs of raw materials, direct labour, and factory overhead equals THIS