ENTREP

Question 1

Is a result when sales exceed the cost to produce goods or render the services.

Answer 1

REVENUE

Question 2

Recognized when earned, whether paid in cash or charged to the account of the customer.

Answer 2

REVENUE

Question 2

Costs incurred each time revenues are generated

Answer 2

OPERATING EXPENSES

Question 3

• Other term related to revenue
• Is used to record revenues earned by rendering services.

Answer 3

SERVICE INCOME

Question 3

• Other term related to revenue
• Is used especially when the nature of business is merchandising or retail

Answer 3

SALES

Question 3

Basis in forecasting revenues of the business.

Answer 3

1. ECONOMIC CONDITION OF THE COUNTRY
2. THE COMPETIG BUSINESSES OR COMPETITORS
3. CHANGES IN HAPPENING IN THE COMMUNITY
4. THE INTERNAL ASPECT OF THE BUSINESS

Question 4

Refers to the amount of merchandise
or goods sold by the business for a given period of time

Answer 4

COST OF GOOD SOLD

Question 5

Refers to goods and merchandise at
the beginning of operation of business or accounting period.

Answer 5

MERCHANDISE INVENTORY, BEGINNING

Question 6

Refers to goods and merchandise at
the beginning of operation of business or accounting period.

Answer 6

PURCHASES

Question 7

Refers to goods and merchandise left at the
end of operation or accounting period.

Answer 7

MERCHANDISE INVENTORY, END