Accounting

2. labour/Work that is not directly involved in the cost to manufacture the product.
6. Payable/purchased supplies or inventory on credit.
7. Payable/ Notes Payable/money borrowed from a bank or other financial institutions.
9. Equity/the owner’s investment in the business, or the financial part of the business that is owned by the owner.
11. the debts of a business.
12. Year/a 12 month operating period for a business.
13. Sheet/a financial statement that shows the financial position of a business on a single, specific date.
14. Labour/Work that is directly involved in the manufacturing process.
15. things of value that the business owns.

1. Profit/all the money that is left over after deducting the cost of goods sold form the revenue.
3. business earns revenue or income from the sales of goods or services.
4. the process of recording, analyzing, and interpreting the economic activities of a business.
5. Statement/a financial statement that shows a business’s profitability over a stated period of time.
7. assets can easily be turned into cash.
8. Flow/the movement of cash in and out of the business.
9. Expenses/are the costs of operating the business during the period the sales took place.
10. Profit/ Net Income/all the money that is left over after deducting the gross profit and the expenses.