indefinite life of an enterprise is subdivided into time periods (accounting periods) which are usually of equal length for the purpose of preparing financial reports on financial position, performance and cash flows.
What is periodicity
100
lists all your business income and expense transactions. It is also known as a profit and loss statement. This type of accounting record is used to measure the profitability of your business.
What is income statement?
100
is a business that generates income by providing services instead of selling physical products.
What is service business
100
used to define marginal product and to distinguish allocative efficiency, the defining focus of economics.
What is production function
100
a person who owns the business and is personally responsible for its debts.
What is sole proporietorship
200
The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
What is going concern?
200
records the assets and liabilities your company owns. Your assets and liabilities are divided into current and long-term categories on the balance sheet, and listed in order of liquidity
What is balance sheet?
200
ensure that products appear in the right store, or on a website, at the appropriate time and in the correct quantities.
What is merchandiser?
200
department is a critical component of employee well-being in any business, no matter how small.
What is human resource function
200
a business or firm owned and run by two or more partners, and they are reliable for their debt.
What is partnership
300
the business should have one money unit to record its transactions, for example U.S. dollar.
What is monetary unit?
300
records the inflow and outflow of cash, this record is used to determine if your business has physically received enough cash to pay its expenses.
What is cash flow statement
300
business that uses components, parts or raw materials to make a finished good.
What is manufacturer
300
helps a company to identify and source potentially successful products for the marketplace they operate on and then promote them by differentiating them from similar products.
What is marketing function?
300
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
What is a corporation
400
the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.
What is business entity?
400
is the portion of the balance sheet that represents the capital received from investors in exchange for stock (paid-in capital), donated capital and retained earnings.
What is statement of shareholders equity
400
defined as relating to the sale of goods directly to consumers
What is retail
400
process of acquiring and utilizing funds of a business.
What is finance function
400
used to check and explain the differences between the cash balance in a company's accounting ledger and the bank statement balance
What is bank reconciliation
500
indefinite life of an enterprise is subdivided into time periods (accounting periods) which are usually of equal length for the purpose of preparing financial reports on financial position, performance and cash flows.
What is periodicity
500
includes the elements of the accounting equation: assets equal liabilities plus shareholders' equity.
What is balance sheet
500
is an intermediary entity in the distribution channel that buys in bulk and sells to resellers rather than to consumers.
What is wholesaler
500
equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained
What is production function
500
a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account