Summary
Highlights
Estimated Value at End of Useful Life00:01:04
The estimated value of an asset at the end of its useful life is referred to as C salvage value.
Determination of Material Quantity00:01:20
The actual counting and determination of materials on hand at a given date is called a physical inventory.
Commodity Offered for Sale00:01:41
The quantity of a commodity offered for sale at a certain price, place, and time is B supply.
Work in Process Classification00:02:02
Work in process is classified as an asset.
Highest Position in a Corporation00:02:16
The highest position in a corporation is the C chairman of the board.
Type of Business Ownership00:02:33
A type of business ownership where individuals enjoy rights in their own interest is C private.
Association for Business Operation00:02:51
An association of two or more individuals operating a business as co-owners for profit is a C partnership.
Capacity to Satisfy Human Want00:03:11
The capacity of a commodity to satisfy human want is B luxury (Note: This might be a misinterpretation in the video, usually referred to as Utility in economics).
Market Value Definition00:03:30
The amount a willing buyer will pay to a willing seller for a property, under no compulsion, is B market value.
Perfect Competition00:03:50
A situation where a commodity or service is supplied by many vendors, with no barriers to entry, is an a perfect competition.
Desired Products or Services00:04:12
Products or services desired by humans, purchased if money is available after necessities, are C luxuries.
Essential Products or Services00:04:34
Products or services required to support human life and activities, purchased in similar quantities regardless of price, are B necessities.
Oligopoly00:04:57
A condition where few individuals produce a product, and actions of one lead to similar actions from others, is an a oligopoly.
Authorized Capital00:05:18
The grand total of assets and operational capability of a corporation is a authorized capital.
Book Value00:05:36
The worth of property, equal to the original cost less depreciation, is d book value.
Interest Definition00:05:55
Money paid for the use of borrowed capital is C interest.
Current Assets00:06:10
Liquid assets like cash and other assets quickly convertible to cash, such as accounts receivable and merchandise, are called C current assets.
Economic Life00:06:33
The length of time a property can be operated at a profit is its B economic life.
Direct Labor and Material Costs00:00:23
Direct labor costs and direct material costs collectively form the C prime cost.
Short-term Paying Ability Index00:00:47
An index of short-term paying ability is known as the C current ratio.