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MRTS 1342 SBM Glossary | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 SBM Glossary | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 SBM Glossary | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Accounting - A language of business employed to communicate financial information based upon
analyzing recording, classification, summarization, reporting, and interpretation of financial data.
Accounting equation - Assets equal Liabilities plus Owner's Equity
Accounts Payable - an unwritten promise to pay creditors for property, such as merchandise,
10 supplies, or equipment, purchased on credit, or for services received on credit. -
Accounts receivable - an unwritten promise by a customer to pay, at a later date, for goods sold or
services rendered.
Accrual accounting - recording in each fiscal period applicable expenses, whether paid or not, and
income earned, whether collected or not.
Accrued expense - an expense incurred in operating a business during an accounting period, but not yet
paid.
Accured income - income actually earned during an accounting period but which will not be received
until a future period.
Acquisition - a company that is inherited or bought.
Advertising - the art of making the public aware of the services or commodities that the business has for
sale.
Age of accounts receivable - measures the average time required to collect receivables.
, Age Discrimination in Employment Act - federal legislation that requires employer to treat applicants
and employees equally regardless of age.
Age of inventory - measures the average time required to sell inventory.
Amortization - the paying off of a debt in regular installments over a period of time
Americans with Disabilities Act (ADA) - legislation that guarantees disabled people equal access to
employment, as well as access to public places.
Angel investors - private investors who are willing to supply financing for new and/or risky small venture
start-ups.
Assets - property of monetary value owned by a business.
Bad debts - accounts receivable that are uncollectable.
Balance sheet (statement of financial position.; statement financial condition) - a formal financial
statement illustrating the assets, liabilities, and owner's equity of a business as of a specific date.
Bona fide occupational qualification (BFOQ) - a qualification that is absolutely necessary for the job; it is
an allowed and approved reason for discrimination.
Book value - the cost of a fixed asset less its accumulated depreciation.
Branding - a method of applying verbal and/or symbolic means to identify a product and/or service.
Break-even analysis - the point at which total sales revenue equals total operating costs; determined by
formula or chart.
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