Gac012

Accounting equation: assets = liabilities + equity

Accounts Payable are creditors-those to whom the business owes money.

Accounts receivable are debtors those who owe money to the business.

Action Plans detail bow the strategic plan will be achieved,

Aims are the broad goals a business wants to achieve.

Asset is the term used to describe something of value owned by, or owing to a business, that can be turned into money.

Autocratic style is when a leader tends to centralize authority and dictates work methods.

Balance sheet is a report that shows the assets, liabilities and owner's equity at a given point in time.

Behavioral Theories differentiate effective leaders from ineffective leaders.

Bookkeeping refers to the methods used to record transactions m accounting records and to produce the required financial reports.

Break-even point is where the revenue received by the business equals the cost of producing and selling that produce/service.

B2B is business-to-business transactions.

B2B is business-to-consumer transactions.

Budget is a numerical plan for allocating resources to specific actions.

Business is an origination set up by one or more people to produce and /or sell goods or services.

Business Performance In dictators specify the evidence required to prove that a planned effort has achieved a chosen result. Results-oriented indicators identify measurable performance. Implementation- oriented indicators provide feedback on the process.

Business plans are formal documents setting out the overall goals of a business and the strategies to achieve them.

Consumer sovereignty is when competition diatremes price, which in turn determines demand.

Contraction occurs during an economic recession: there is a decrease in growth and low levels of demand.

Credit means to sell goods or services now and receive the money later

Creditors are also called accounts payable.

CSR stands for corporate social responsibility. It involves businesses recognizing that they need to...