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P
Petty Cash - A current asset made up of a cash amount used to make purchases involving small amounts like postage.
Physical Inventory - This is the actual number of items in inventory after carrying out an inventory count.
Purchase Order - Form used to order goods or services, authorizing the supplier to deliver the goods on the form and to process a bill for the items ordered.
Profitability - The ability for a company to earn more revenue than expenses.
Posting - Recording an amount from the journal to an account in the general ledger.
Q
Quick Assets - Current assets that are easy to convert to cash for example accounts receivable and temporary investments.
Quick Ratio - Is a measure of a company's ability to pay its current liabilities using its current assets excluding inventory. This ratio is also known as the Acid Test Ratio.
R
Revenue - Amount earned from sales of goods or services, interest, rent.
Retained Earnings - These are earnings that remain in the business after dividends have been paid out. The earnings may be used in the future.
Receipts - Amounts received.
Reconciling - The process of comparing the information in an organization's books with the a physical statement from another party for example checking a statement from a supplier against the organization's records.
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