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  • accrual method

    accounting method wherein transactions are recorded at the time of occurrence, regardless of the transfer of cash

    audit

    a review of financial and business records to ascertain integrity and compliance with standards and laws, particularly by the U.S. Internal Revenue Service

    cash accounting method

    a system wherein transactions are recorded when cash is paid out or received

    cash reserve

    emergency funds and pool of cash resources

    contribution margin

    gross profit per unit - the selling price minus total variable costs plus other variable costs

    depreciation

    the percentage of value of an asset subtracted periodically to reflect the declining value

    fixed costs

    expenses that must be paid regardless of whether sales are being generated

    fixed operating costs

    expenses that do not vary with changes in the volume of production or sales

    inventory costs

    expenses associated with materials and direct labor for production until the product is sold

    net profit

    the remainder of revenues minus fixed and variable costs and taxes

    payback period

    estimated time required to earn sufficient net cash flow to cover the start-up investment

    prototype

    a model or patten that serves as an example of how a product would look and operate if it were produced

    seed capital (start-up investment)

    the one-time expense of opening a business

    variable costs

    expenses that vary directly with changes in the production or sales volume

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