Accounting period - Any time period for which financial records are prepared., Beverage cost percentage - The proportion of beverage sales spent for beverage expense., Budget - A financial plan for operating a facility during a future time period., Controllable costs - The costs that management can directly control, such as food cost., Cost of sales - The industry term for the food and beverage product expense incurred in the generation of sales., Cost of sales percentage - The proportion of total sales spent for the products used to create the sales., Expense timing - The proper method of reporting an operation’s expenses., Fixed costs - A cost that remains the same regardless of sales volume., Food cost percentage - The proportion of food sales spent for food expense., Gross profit - The amount of revenue remaining after the costs of food and beverages have been subtracted from sales., Investor - Someone who supplies money to a business and gets paid back in its profits., Income statement - The financial report that details an operation’s revenue, expense, and profit for a specific time period., Lender - Someone who supplies money to a business with the legal requirement that the money, and any interest charged for it, be repaid on an agreed-upon schedule., Net earnings - The amount of after-tax income earned by a business during an accounting period., Noncontrollable costs - Those costs over which managers have little or no control, such as rent., Payment terms - The conditions under which a supplier will complete a sale., Profit and loss (P&L) report - An alternative term for an income statement., Prime cost - The sum of food costs and labor costs., Revenue source - A distinct area, for example, a bar or dining room, in which sales are generated., Semivariable costs - Costs that go up and down as sales fluctuate, but not in direct proportion., Variable costs - Costs that go up and down as sales fluctuate, and do so in direct proportion.,

Accounting Ch3

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