Many Small Business Owners Report That the Most Important Assistance

question 98

True/False

Many small business owners report that the most important assistance they needed in starting and managing their business involved accounting.

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Definitions:

Inventory

The total amount of goods and materials held by a company with the intent of resale or as part of the production process.

Profit

The financial gain realized when the revenues generated from business activities exceed the expenses and costs incurred in generating those revenues.

Ending Inventory

The total value of all the goods a company has in stock at the end of a fiscal period, which is used to calculate the cost of goods sold.

Net Income

A business's remaining profit after taking away all costs and taxes from its generated revenue.