Unit 6 Financial Records & Insurance - Spr '21 Vocab only

Front

Anything owned by a company that has value

Back

Asset

Front

Money a business owes to suppliers and creditors.

Back

Accounts payable.

Front

Profit after all expenses

Back

Net profit

Front

Profit after subtracting cost of goods sold

Back

Gross profit

Front

Earnings kept in the company over time

Back

Retained earnings

Front

Money owed to a business for goods/services not yet paid by customers.

Back

Accounts receivable

Front

Investment for ownership

Back

Capital

Front

Value of owner's stake in a business after debts are settled.

Back

owner's equity

Front

Direct cost of producing goods/services (includes material and labor)

Back

cost of goods sold

Front

Value lost from assets losing value

Back

Depreciation expense