Term
| BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) |
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Definition
| FINANCIAL STATEMENT THAT SHOWS THE FINANCIAL POSITION OF AN ENTITY AT A SPECIFIC TIME. |
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Term
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| ORIGINAL COST - ACCUMULATED DEPRECIATION = BOOK VALUE (CARRYING VALUE) |
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TOTAL REVENUES = TOTAL EXPENSES + NET INCOME = 0.
SALES = FIXED COSTS + VARIABLE COSTS + PROFIT |
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| DETAILED PLAN THAT SHOWS PROPOSED ACQUISITIONS OF FINANCIAL RESOURCES AND USES OF RESOURCES DURING A CERTAIN PERIOD OF TIME. |
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Definition
| ALL CHANGES TO OWNERS' EQUITY DURING A PERIOD OF TIME EXCEPT FROM INVESTMENTS BY OR DISTRIBUTION TO OWNERS. |
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| DEDUCTIONS FROM THEIR RELATED ASSET ACCOUNTS ON THE BALANCE SHEET. |
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SALES - VARIABLE = CONTRIBUTION MARGIN
CONTRIBUTION MARGIN - FIXED COSTS = NET INCOME |
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| IS COST OF MERCHANDISE SOLD TO CUSTOMERS. |
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| SYSTEMATIC & REATIONAL ALLOCATION OF THE ORIGINAL COST OF AN ASSET OVER ITS EXPECTED USEFUL LIFE. |
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| LABOR PERFORMED BY PERSONNEL DIRECTLY INVOLVED IN PRODUCTION. |
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| RAW MATERIALS THAT ARE READILY IDENTIFIED WITH AN INDIVIDUAL PRODUCT. |
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| DETERMINED BY DIVIDING NET INCOME AFTER TAXES BY THE AVERAGE NUMBER OF SHARES OF COMMON STOCK HELD DURING THE PERIOD. |
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Definition
| COSTS THAT REMAIN CONSTANT IN TOTAL DESPITE CHANGES IN VOLUME OF OUTPUT. |
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Definition
| PREDICTION OF A VALUE OF A VARIABLE IN THE FUTURE. |
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| BUSINESS MAY EARN REVENUE THAT ARE NOT PART OF THE NORMAL OPERATION OF THE BUSINESS. |
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Term
| GROSS MARGIN (GROSS PROFIT) |
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Definition
| SALES OF GOODS MINUS COST OF GOODS SOLD. |
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Definition
| FINANCIAL REPORT THAT SUMMARIZES THE OPERATION OF THE BUSINESS RESULT IN REVENUES, EXPENSES GAINS & LOSSES. |
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Definition
| USED BY PRODUCTION FIRMS THAT IS EASILY DIVIDED INTO SEPARATE PROJECTS OR BATCHES. |
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| EXPENSES INCURRED THAT DO NOT RESULT FROM NORMAL OPERATION OF THE BUSINESS. |
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Definition
| ALL OTHER COSTS OF PRODUCTION. |
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Definition
| VARY WITH LEVEL OF ACTIVITY BUT BY LESS THAN A PROPORTIONATE AMOUNT. |
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Definition
| USED TO COST PRODUCTS IN COMPANIES THAT EMPLOY A CONTINUOUS MANUFACTURING PROCESS TO PRODUCT A HOMOGENEOUS PRODUCT. |
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Term
| REVENUE REALIZATION PRINCIPLE |
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Definition
| REVENUE IS USUALLY RECOGNIZED |
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Definition
| PREDETERMINED ESTIMATE OF THE COST PER UNIT FOR MATERIALS, LABOR AND MANUFACTURING OVERHEAD. |
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| EXPLAINS DIFFERENCES BETWEEN BEGINNING AND ENDING BALCNE OF CASH (INCLUDING CASH EQUIVALENTS). |
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Term
| STATEMENT OF CHANGES IN CAPITAL |
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Definition
| STATEMENT SHOWS CHANGES IN CAPITAL ACCOUNT FROM ONE PERIOD TO ANOTHER. |
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Term
| STATEMENT OF RETAINED EANRINGS |
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Definition
| SHOWS THE CHANGES IN RETAINED EARNINGS FROM ONE PERIOD TO ANOTHER. |
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Term
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Definition
| VARY IN TOTAL DIRECTLY WITH THE LEVEL OF OUTPUT. IF PRODUCTION INCREASES, AMOUNT OF VARIABLE COST WILL INCREASE. |
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Term
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Definition
| DIFFERENCE BETWEEN STANDARD COST AND ACTUAL COST. |
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