GLOSSARY
Acquisition The purchase of the whole or part of a business by another business.
Activity-based costing (ABC) A method of business accounting that analyzes overhead costs to determine which activities create which costs. This results in a more accurate analysis of costs than traditional cost accounting, which measures direct costs and then adds an estimate of overheads.
Asset Any economic resource that is owned by a company that can be used to generate value for the business.
Balance sheet A summary of a company’s financial value, incorporating its assets, liabilities, and equity of the owners, which is usually published at the end of its financial year.
Bankruptcy A legal declaration that an individual or a company is insolvent, meaning ...
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