Sales Goals Should Be Stated in Terms of Profits

question 23

True/False

Sales goals should be stated in terms of profits.

---

Definitions:

Reconciling Information

The process of ensuring that two sets of records or reports (usually financial) are in agreement and accurate.

October Bank Reconciliation

The process of comparing and adjusting the balance of an entity's accounting records for October with the balance reported by the bank.

Cash Balance Per Books

The amount of cash shown in a company’s financial records at a specific point in time, which may differ from the actual cash balance due to outstanding transactions.

Petty Cash Fund

A small amount of cash kept on hand for covering minor and incidental expenses in a business, managed through a petty cash system.