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Revenue
Expenditure
Company
Competition
Pricing
100
income, especially when of a company or organization and of a substantial nature.
What is revenue
100
the action of spending funds.
What is expenditure
100
pays for social security tax
What is employee
100
market structure with many well-informed and independent buyers and sellers who exchange identical products
What is perfect competition
100
establishes a price higher than the competitors. It's a strategy that can be effectively used when there is something unique about the product or when the product is first to market and the business has a distinct competitive advantage.
What is premium pricing
200
This is the first step in the revenue process
What is distribution channels
200
First step in expenditure cycle
What is supplier invoice/ checks
200
Examples of manufacturing overhead costs
What is building electricity, rent etc
200
market structure that does not meet all conditions of perfect competition
What is imperfect competition
200
designed to capture market share by entering the market with a low price relative to the competition to attract buyers. The idea is that the business will be able to raise awareness and get people to try the product.
What is penetration pricing
300
Enters revenue that is earned and billable into the system. Earned revenue is recognized, a billed receivable recorded, and an invoice is sent to the debtor.
What is accounts receivables
300
Ending step in expenditure
What is Accounts payable listings
300
is a contraction of the term "Free on Board Destination." The term means that the buyer takes delivery of goods being shipped to it by a supplier once the goods arrive at the buyer's receiving dock.
What is FOB DESTINATION
300
market structure that meets all conditions of perfect competition except identical products
What is monopolistic competition
300
that have a significant competitive advantage can enter the market with a price skimming strategy designed to gain maximum revenue advantage before other competitors begin offering similar products or product alternatives.
What is price skimming
400
adjusting journal entries and other transactions are sometimes made directly to whom
What is general ledger
400
This cost in the expenditure is consisted of materials and workers needed for production
What is variable costs
400
the seller pays for transportation of the goods to the port of shipment, plus loading costs. The buyer pays cost of marine freight transport, insurance, unloading, and transportation from the arrival port to the final destination.
What is FOB SHIPPING
400
structure in which a few large sellers dominate and have the ability to affect prices in the industry
What is oligopoly market
400
agricultural products, such as corn, wheat, and soybeans is an example of
What is pure competition
500
Records the received revenue when payment is remitted by the debtor. The billed receivable is liquidated and the cash collection recorded. When revenue is received before it is earned, it is recorded on the cash receipt document as deferred revenue.
What is cash receipts
500
Transactions listed in each of the four journals (sales, receipts, purchases, and disbursements) are totaled
What is general ledger
500
factory burden, and manufacturing support costs) refers to indirect factory-related costs that are incurred when a product is manufactured.
What is manufacturing over head
500
agreement, usually illegal, by firms to charge a uniform price for a product
What is price-fixing
500
All products have a life span, called product life cycle. A product gradually progresses through different stages in the cycle: introduction, growth, maturity and decline stages.
What is life cycle