Archive for the ‘Definitions’ Category




Total Revenue

December 4th, 2012

The amount earned from selling goods and services.




Sales Revenue

December 3rd, 2012

Revenue that identifies the amount a company earns from selling its products.




Unearned Revenue

November 30th, 2012

A liability account that results when a company receives cash from a customer for goods or services to be provided in the future.




Revenue

November 29th, 2012

The amount a company expect to receive when it sells goods or services.




Gross Profit

November 28th, 2012

The difference between the selling price of goods or services sold to customers during a period and the cost (to the company) of the goods or services sold.




Journal

November 26th, 2012

A chronological records of a company’s transactions.




Cost of Goods Sold

November 20th, 2012

the cost of material, labor, and other resources consumed directly in producing goods.




Owner’s Equity

November 19th, 2012

A contribution by owners to a business, along with any profits that are kept in the business.




Assets

November 16th, 2012

Resources controlled by a business.




Liability

November 15th, 2012

The claim of a creditor to a company’s resources.