Data & Information
A single collection of data and information stored in one place that can be used by people throughout an organization to make decisions, is called _________.
Database
The number of times the firm sells its merchandise inventory in one year.
Inventory turnover
A net ________ or _______ is calculated when expenses are subtracted from revenues.
profit or loss
a report distributed to stockholders and other interested parties that describes a firm's operating activities and its financial conditionl.
Annual Report
The resources a business owns, such as cash, inventory, equipment, and real estate is referred to as: ___________.
Assets
Form that illustrates the company's operating, investing, and financing activities that affect cash during an accounting period is referred to as the: ________________________.
Statement of Cash Flows
Numerical or verbal descriptions that usually result from some sort of measurement.
Data
The dollar amount earned by a firm from selling goods, providing services, or performing business activities.
Revenue(s)
Cost of goods sold divided by the average inventory provides this ratio: ______________________.
Inventory turnover
A summary of a firm's revenues and expenses during a specified accounting period, is referred to as the ________________.
Income statement
Amazon’s brand is worth an estimated $684 billion. It characterizes this amount on its statement of financial position by this name: ___________________.
intangible asset
When a customer agrees to make payments over a term that is longer than two months but less than one year, this is called ________________________ on your balance sheet.
Notes receivable
The majority of the data gathered for an MIS come from _________ sources.
Internal
An examination of a company's financial statements and the accounting practices that produced them.
Audit
The cost of goods sold equals beginning inventory plus net purchases minus __________________________.
ending inventory
These summarize the dollar amounts of a firm’s assets, liabilities, and owners’ equity accounts at the end of a specific accounting period.
Balance Sheet
Managers will compare _________________ and _______________ data with previous accounting periods and with competing firms.
financial & accounting
Salaries payable, accounts payable, and taxes payable are examples of _______.
current liabilities
The purpose of a _______________ ________ _____________ is to distribute timely and useful information from both internal and external sources to the managers and employees who need it.
management information system
The ease with which an asset can be converted into cash is referred to as its _______.
Liquidity
Dividing current assets by current liabilities gives the___________________ .
Current Ratio
This list: Cash, inventory, equipment, is presented in the correct order of which accounting form?
Balance sheet
Revenues − cost of goods sold − expenses = net income will characterize on this financial statement: ______________________
Income statement
If you worked for one week, but your employer only pays its employees every two weeks. How will your employer characterize the amount of money it owes you?
salaries payable
If a company/organization has more information it will incur less _______________.
risk
Trademarks and goodwill would be classified as _______.
intangible assets
Accounting equation
You are asked to arrange the following assets: equipment, accounts receivable, cash, merchandise inventory, and notes receivable. You list _______ first and _______ last.
cash, equipment
Commonly used in accounting analysis, a _______ shows a relationship between two elements of a firm's financial statements.
financial ratio
When preparing a personal income statement, the amount remaining after subtracting expenses from income is called _______.
cash surplus