Fiscal Key Terms (Culinary 3/4)

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Accounts receivable

Back

Money owed to a company by its debtors.

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Accounts payable

Back

Money owed by a company to its creditors.

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Asset

Back

An economic resource that is expected to provide future benefit. ex. property, cars, investments

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Balance sheet

Back

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.

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Beverage cost percentage

Back

A metric used to measure the cost of beverages sold as a percentage of total sales. Average 20%-30%

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Cash flow statement

Back

A financial statement that shows the inflow and outflow of cash within a company.

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Controllable Expense

Back

Costs that can be influenced or controlled by management. ex. rent

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Debt

Back

Money that is borrowed and must be repaid.

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Equity

Back

The value of an owner's interest in a property or business, after all liabilities have been deducted.

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Expenses

Back

The economic costs that a business incurs through its operations to earn revenue. ex. rent, food, labor