SUPPLY ITS DEFINITION

1.Accounting is specialized in collecting, recording, classifying, summarizing
interpreting and reporting financial information of a business.

2.Accountant is a specialist in the field of accounting.

3.Public accountant is an accountant who provides accounting services such as
auditing, and tax computation to companies and individual and receive fee for his
services.

4.Governmental accountant is an accountant who works with government agency of
bureau.

5.Private accountant is an accountant who works to company.

6.CPA stands for certificate public accountant.

7.Balance sheet is financial statement that shows financial atatus of a company on
particular time (on point in time).

8.Income statement is financial statement that shows financial performance of a
company over a period of time.

9.Assets are anything of value own by a company.

10.Current assets are assets that are easily changed in to money such as cash,
account receivable, inventories.

11.Fixed assets are assets that take time to be changed in to money such as
property, building, machinery, equipment.

12.Liabilities are debts own by a company.

13.Current liabilities are that must soon be paid such as account payable, income
taxes payable.

14.Fixed liabilities are liabilities that can be repaid over a longer year of time.

15.Bookkeeper is a specialist in recording and maintaining a ledger.

16.International trade is trade with foreign countries.

17.Multinational Corporation is a company which is primarily based in one country
and has production and marketing activities in foreign countries.

18.Subsidiary is a company which more than 50% off it share belongs to the parent
company.

19.Capital is money that it’s used to start and continue operating a business.

20.Accounting equation is assets equal, liabilities plus owners equity.

21.Theory of absolute advantage a nation ought to specialist in the goods that it
can produce more efficiently that each competitors or in the goods that no other
nations can produce.

22.Theory of comparative advantage a nations ought to concentrate to produce in the
good that it can produce most efficiently and profitable.

23.Marketing is a movement of goods and services that satisfy the customer and
achieve the companies’ objective.

24.Price leaders are producer who has established the market place.

25.Profit is money that remains after all expenses are paid.

26.Primary goal of doing a business to create an economic surplus or profit.

27.Common channel of distribution of manufacturer – whole seller – retailer –
customer.

28.Is the combination of product, price, promotion, and placement

29.Promotion is communication about the product that takes places between buyers and
sellers.

30.Stock broker in between business man in the stock exchange.