| Accounts Payable: |
Credit extended by suppliers of raw materials or finished
products. In an accounting statement, trade credit is referred to as "accounts payable".
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| Accounts Receivable: |
Money that is payable to you.
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| Asset: |
Anything of value owned by an individual or business.
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| Average Cost: |
Total production costs divided by the quantity produced.
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| Balance Sheet: |
A financial statement listing the total assets and liabilities (debts) of a company at a given time.
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| Bankruptcy: |
The condition in which a business cannot meet its debt obligations and petitions a federal court either for reorganization of its debts or liquidation of its assets. (This action has a negative impact on a credit rating.)
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| Business License: |
A legal authorization in document form issued b
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