Amortization - The reduction in value of an intangible asset, such as the right to use a franchise trademark., Annual budget - A budget that addresses estimated financial performance of an operation for 52 consecutive weeks, Capital - The money, property, and other valuables that collectively represent the wealth of an individual or business., Capital budget - A budget that addresses a business’s capital expenditures for a specific period of time., Capital expenditure - The purchase of an item that costs a specified amount, such as $5,000 or more., Contracted expense - The use of an outside vendor to perform a needed task or provide a needed service., Covers per server - The number of customer meals that a server can serve in an hour., Day part - A specific segment of the day., Depreciation - A method of calculating and recording the reduction in value of a tangible, or physical, asset over its useful lifetime., Labor standard - A measure determined by management that indicates what a labor cost should be., Moving average - A forecasting technique in which sales information for two or three recent and same-length periods is averaged together., Long-range budget - A budget that usually addresses accounting periods of two to five years., Occupancy cost - A cost related to the expense of occupying a building that houses a restaurant or foodservice operation., Operating budget - A projected financial plan for a specific period of time., Overhead - Expenses in addition to food and labor costs, such as utilities, marketing, equipment maintenance, and so forth., Profit per guest served - Profit divided by the number of guests served., Short-range budget - A budget that is prepared for an accounting period in the near future, often addressing financial performance for one year or less.,

Accounting Chapter 4

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