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100
Is the process of recording, analyzing, and interpreting the economic activities of a business
What is accounting
100
Any business activity involving money is recorded as a transaction
What is Transaction
100
Is a method of recording all transactions for a business in a specific format
What is bookkeeping
100
Bills for goods and services either bought by or sold to the business.
What is invoices
100
The allocation of money to various areas of the business. To budget accurately, the business must estimate both sales and expenses.
What is budget
200
All businesses operating in Canada have to pay taxes on their profits or earnings
What is taxation
200
When a company sells a stock for a price that is higher than they paid for it
What is capital gain
200
Are reports that summarize the financial performance of a business.
What is financial statements
200
Financial statements are presented to shareholders and potential investors in the form of a glossy publication.
What is annual reports
200
the payment for the goods or service received occurs at a future date.
What is credit
300
a 12 month operating period for a business.
What is fiscal year
300
The cost of the inventory that was sold to generate business revenue for a specific period of time.
What is Cost of goods sold (COGS)
300
all the money that is left over after deducting the cost of goods sold form the revenue.
What is gross profit
300
all the money that is left over after deducting the gross profit and the expenses.
What is net profit or net income
300
a financial statement that shows the financial position of a business on a single, specific date.
What is balance sheet
400
are things of value that the business owns.
What is assets
400
liquid assets can easily be turned into cash.
What is liquidity
400
are the debts of a business.
What is liability
400
the owner’s investment in the business, or the financial part of the business that is owned by the owner.
What is owners equity
400
a financial statement that shows a business’s profitability over a stated period of time.
What is income statement
500
a business earns revenue or income from the sales of goods or services
What is revenue
500
are the costs of operating the business during the period the sales took place.
What is operating expenses
500
the movement of cash in and out of the business.
What is cash flow
500
the business’ ability to pay its short term debts
What is working capital
500
the debt a business has to pay for real estate.
What is mortgage loan