Chapter 1 | Cost and Sales Concepts Flashcards
1
Q
Cost
A
The value of the goods or services obtained
2
Q
Prime costs
A
Food + Beverage + Labor
3
Q
Overhead cost
A
Indirect cost + fixed charges. Does not include labor; does include interest
4
Q
Sales
A
Resulting from the exchange of products and services for value
5
Q
Sales mix
A
The relative quantity sold & revenue of any menu item compared to other items in the same category
6
Q
Financial accounting
A
Direct and indirect cost
7
Q
Responsibility accounting
A
Controllable and non-controllable cost
8
Q
Managerial accounting
A
Fixed cost and variable cost
9
Q
Expense
A
The portion of the cost used for producing revenue
