FINAL Flashcards
total assets minus total liabilities is the
net worth
what is the spread of cost of the life of large items such as land building and equipment
depreciation
What are the resources available to an operation that are possessions of the owner, that is equal to the capital?
assets
What is another name for an account that is payable, an obligation to pay in the future?
liability
What kind of budget is indicated when cash is expected and matching it when expenses are to be paid?
cash budgets
What is a planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends? (forecasting budget, products needed, etc)
forecasting
What costs recognize services to the total effort such as housekeeping, security, training, human resource management, and grounds department that are supporting the overall effort?
indirect cost
What type of budget shows expected major purchases and when they will be made?
capitol budget
What is an attempt to match current expenses with current income in the current accounting period?
accrual accounting
What are costs that directly relate to providing goods and services?
direct cost
A cost that does not change with an increase or decrease in the amount of goods or services produced is the
fixed cost
What is the point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs; where loss ends and profit begins to accumulate?
break-even point
What is the combination of food and labor costs
prime costs
What is money which a company owes to vendors for products and services purchased on credit
accounts payable
What is money which is owed to a company by a customer for products and services provided on credit.
accounts receivable
What is the ratio of the number of employees that leave a company through attrition, dismissal, or resignation during a period to the number of employees on payroll during the same period?
labor turnover
What is a general tendency or course of events?
trend
What compares on a monthly basis the cost of food?
food cost index
What is the rate at which food is being used?
inventory turnover rate
What reflects the cost of producing just one more meal or one less meal and may be used in decision-making regarding increasing or decreasing capacity in terms of the average cost?
marginal costs
What is a systematic forecasting method that involves structured interaction among a group of experts on a subject
delphi technique
A cost of labor, material or overhead that changes according to the change in the volume of production units.
variable cost
when discipline becomes harsher as the employee continues to break the rules is
progressive discipline
What is the pre-established time in which the average employee can complete an assigned task under standard conditions?
work standards
