Rental Management 301: Advanced Rental-Module 3: Financial Management

Module 3: Financial Management - Part 3

Video Transcription

Video Summary

In this video, the presenter discusses various financial terms and concepts related to rental department management. They cover definitions such as general ledger, chart of accounts, profit and loss statement, balance sheet, assets, and inventory. They also explain terms like cost of goods sold, return on investment, original equipment cost, depreciation, gross profit, gross profit margin, and absorption factor. The presenter emphasizes the importance of understanding these terms for effective financial management in the rental department of an equipment dealership.

Keywords

financial terms

rental department management

general ledger

chart of accounts

profit and loss statement