Key Terms
- Point-of-Sale (POS) System: System for recording sales transactions at point of sale
- Cetrel: Luxembourg payment system for card payments
- Tip: Gratuity given to service staff (cash tips vs. card tips/service charges)
- FIFO (First-In-First-Out): Inventory valuation method assuming oldest inventory sold first
- Weighted Average: Inventory valuation method using average cost
- Customer Returns: Products returned by customers, reducing sales
- Customer Allowances: Price reductions for damaged goods or discounts
- Time-Based Billing: Billing method based on hours worked
- Project Accounting: Accounting system tracking costs and revenue by project
- Revenue Recognition: Process of recording revenue when earned
- Advance Payments (Unearned Revenue): Payments received before service delivery
- Retainer: Prepaid service agreement, recognized as services provided
- Payment Gateway: Service processing online payments
- Cross-Border VAT: VAT rules for sales across EU borders
- Digital Goods: Electronic products (software, e-books, music, videos)
- One-Stop Shop (OSS): EU system for simplified VAT reporting
- Direct Materials: Raw materials directly used in production
- Direct Labor: Labor directly related to production
- Job Costing: Cost accounting method tracking costs by job/order
- Custom Order: Unique product order for specific customer
End of Chapter 32 Key Terms