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Unit 5 voba words

QuestionAnswer
Accounts payable Expenses that have been incurred but not yet paid.
Accounts receivable Sales that have been made but not collected.
Assets Items of value owned by the business.
Balance sheet A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time.
Break-even point The point at which the money from product sales equals the costs of making and distributing the product.
Cash flow statement A financial statement that shows the flow of money in and out of the business.
Copyright Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work.
Cost of goods sold The dollar amount a company pays to purchase a product for resale.
Current assets Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year.
Current liabilities Financial obligations that will be repaid within one year.
Created by: Dashay
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