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Perspectives | From The Co-Founders

Tips | Tactics |Strategic Insights |Specially for Owners & Decision-Makers

July 2025

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At your local library, folks are looking for different information each time they visit. Same is true for visitors to The ROI’s website. Given that usage pattern, we decided to essentially make it official. "The ROI – Much Like A Library." Why did we do that? To make it easier and much faster for you to get whatever you need from The ROI. Our library has nine specialized Retail Resource Centers awaiting you. Just visit RetailOwner.com and start exploring!

Glossary of Retail Financial Terms

ACCOUNTS PAYABLE

A liability to a creditor, generally an open account. Usually limited to unpaid purchases of goods and services.

ACCOUNTS RECEIVABLE

A claim against a debtor, generally an open account. Usually limited to uncollected sales of goods and services and distinguished from deposits, accruals, and other items not arising out of everyday transactions.

ACCRUAL BASIS OF ACCOUNTING

Under the accrual basis of accounting, revenue (sales) is reported in the income statement for the period when it is earned (regardless of when it is collected), and expenses reported in the period when they occur (regardless of when the cash disbursement is made).

ACCRUED EXPENSES

Expenses which have been incurred but have not been paid.

ADMINISTRATIVE EXPENSES

Officers' salaries, wages, and benefits, professional fees, vehicles and all other general and administrative expenses.

ASSET

Any owned physical object (tangible) or right (intangible) having a money value; expressed in terms of its cost, depreciated cost, or less frequently some other value.

BALANCE SHEET

The portion of the financial statement which shows the financial condition of a business at a particular point in time; shows Assets, Liabilities and Owner's Equity, and always balances according to the formula: Assets = Liabilities + Equity (Net Worth).

BEGINNING INVENTORY

Can be at cost or retail; same as ending inventory of previous period.


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