EXTERAL REVENUE, if governmental, is money collected by a government by imposing duties on imports and other international transactions.
FUNCTIONAL-BASED ACCOUNTING focuses on organizational units such as departments and plants, uses financial outcome measures and static standards and benchmarks to evaluate performance, and emphasizes status quo and organizational stability. On the other hand, activity-based accounting focuses on processes, uses both operational and financial measures and dynamic standards, and emphasizes and supports continuous improvement. Activity-based accounting adds a process perspective.
ACCOUNTS PAYABLE (AP) are trade accounts of businesses representing obligations to pay for goods and service received.
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