Concepts/Ratios
Functions/ Measurments
Firms and acronyms
activities/Bank Reconciliations
Perspectivies
100
requires that an accounting system reflect only information about economic events that pertain to a particularly city.
What is Business Entity Concept
100
The function that is responsible for planning organizing directing controlling the operations of the business
What is Production Function
100
a business that obtains and distributes goods to customers to conduct business, you must find a customer who possess the goods you want and who want the goods you have to trade.
What is Merchandising firm
100
Financing activities involve long-term liabilities, stockholders' equity (or owner's equity) , and changes to short-term borrowings. Financing activities are reported in its own section of the financial statement known as the statement of cash flows (SCF) or cash flow statement
What is Financing activities
100
The Financial Perspective examines if the company’s strategy will contribute to the bottom-line improvement of the company. The Financial Perspective represents the long-term strategic objectives of the organization and thus it incorporates the tangible outcomes of the strategy in traditional financial terms.
What is Financial perspective
200
assumes that, absent any information to the contrary, the business entity will continue into the foreseeable future. that is the business is not expected to terminate after each venture. (page 10)
What is Going Concern Concept
200
The function of business that determines the wants and needs of consumers and devises a system for distributing the goods and services customers demand
What is Marketing Function
200
A business organized to convert raw materials into finished goods Specialization is more common and distribution systems are increasingly sophisticated.
What is Manufacturing firm
200
A company’s typical daily processes that generate income. Operating activities pertain to a company’s core business activities, such as manufacturing, distributing, marketing and selling a product or service. These activities should provide the majority of a company’s cash flow and will largely determine whether a company is profitable.
What is Operating activities
200
Satisfy customer’s needs,Improve business processes, and Achieve financial goals.
What is learning and growth perspective
300
asserts that money is the common measurement unit of economic activity. This concept is crucial because it allows things to be measured in a common denominator.
What is Monetary Unit concept
300
The function that is responsible for managing the financial resources of the business
What is Finance Function
300
The group the SEC holds responsible for determining accounting standards in the United States.
What is FASB
300
Investing activities are identified with changes in a corporation's long-term assets. Investing activities are reported in a separate section of the financial statement Statement of Cash Flows(SCF)&mdash ;also referred to as the cash flow statement
What is Investing activities
300
The set policies and procedures designed to promote operational efficiency, ensure the accuracy of accounting information, and encourage management and employee compliance with applicable laws
What is Internal Control Perspective
400
requires that the success of failure of the business be determined at regular intervals. This means the business does not have to cease before the profits of the business can be determined
What is Periodicity concept
400
The function that is responsible for ensuring that capable employees are given opportunities to succeed in a safe work environment
What is Human Resources function
400
The U.S. Securities and Exchange Commission is an agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws, proposing securities rules
What is SEC
400
Used to figure out the plans for the year to come this usually takes months before the new year.
What is Planning activities
400
when the customer looks at the business from his perspective.
What is Customer perspective
500
= (current assets – inventories) / current liabilities, or = (cash and equivalents + marketable securities + accounts receivable) / current liabilities
What is Quick Ratio
500
Liquidity ratios attempt to measure a company's ability to pay off its short-term debt obligations. This is done by comparing a company's most liquid assets (or, those that can be easily converted to cash), its short-term liabilities.
What is Liquidity measurement
500
General accepted accounting principles the set of reporting standards applicable to all U.S. companies that issue financial reports for external users
What is GAAP
500
a control procedure performed periodically by a company to adjust the recorded cash amounts to reflect any differences between its cash balance and the cash balance according to the bank
What is How bank reconciliation is performed
500
"4 perspective" approach namely Financial, Customer, Internal business processes and Learning and growth. Although it is still part of academic studies for strategic management, it is obsolete in business use.
What is The perspective of the balanced scorecard approach
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