Determines what to sell, where to sell it, how to get it there, and what price to charge.
What is Marketing?
100
Indicates whether the company followed GAAP when preparing its financial statements and whether the assertions made by management are reliable.
What is Report of Independent Accountant (Auditor's Report)
100
Measure of company liquidity; ability to pay short term obligations.
What is Current Ratio?
100
Business records and personal records should be kept separate and distinct.
What is Business Entity?
100
Obligations to transfer the net assets to owners
What is Owner's Equity?
200
Determines what jobs are required, where to find the people to fill the jobs, how to pay and reward people.
What is Human Resources?
200
Show's the amounts of the company's assets, liabilities, and owners' equity--shows the changes in owners' equity for the period including the changes to retained earnings.
What is Balance sheet?
200
Shows the relationship of debt to owners' equity; measure of company solvency; ability to pay both short-term and long-term obligations.
What is Debt to Equity ratio?
200
Business records should be kept using money as the common measurement tool.
What is Monetary Unit?
200
Amounts incurred in an attempt to provide goods and / or services
What is an Expense?
300
The directory of personnel works in this area.
What is Human Resources?
300
Shows the change in owners' equity for the period including the changes to retained earnings.
What is Statement of Owners' Equity?
300
Current Assets / Current Liabilities
What is the Current Ratio?
300
Business results should be determined and communicated on a periodic basis.
What is Periodicity?
300
Obligations to transfer resources in the future to suppliers of goods and/or services.
What are liabilities?
400
Determines where to raise capital and how to raise and what that capital should be used for.
What is Finance?
400
Shows the revenues earned and the expenses incurred to produce net income (net loss) for the period that increases (decreases) the company's retained earnings.
What is Income Statement?
400
Shows relationship of net income to sales; measure of profitability (ability to generate profit from sales).
What is Return on Sales?
400
Revenue should be recorded when the sale is made regardless of whether or not the cash is received.
What is Realization of Revenue or Revenue Recognition?
400
Amounts earned from providing goods and/or services.
What is Revenue?
500
Deals with the cost to produce the unit and what a unit should cost.
What is Productions and Operations?
500
The four basic financial statements.
What is income statement, statement of cash flows, statement of owners' equity and balance sheet?
500
Calculation for Net Income
What is Revenue - Expenses?
500
Revenues earned and expenses incurred are recorded in the same period.
What is Matching Revenue with Expenses?
500
Rights to use resources with future economic benefit.