The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
What is a business entity?
100
The Finance function is the process of acquiring and utilizing funds of a business.
What is a finance function?
100
measures a firm's ability to pay off its short-term liabilities with its current assets.
What is Current Ratio?
100
What should a company do with documents are records?
Maintain a good amount of documents and records
100
Something that happens in a company internally, stays inside.
What is inward focus?
200
What is a concept that covers reporting or profits at regular intervals
What is Periodicity?
200
Responsibilities include payroll, benefits, hiring, firing, and keeping up to date with state and federal tax laws.
What is a human resource function?
200
This means its gross profit is $200,000 (net sales of $800,000 minus its cost of goods sold of $600,000) and its gross margin ratio is 25% (gross profit of $200,000 divided by net sales of $800,000).
What is gross margin ratio?
200
Verifying that the individual or organization who has requested or initiated an action has the right to do something
What is proper authorization?
200
The comparison of what is actually produced or performed with what can be achieved with the same consumption of resources, get something done with less amount of time.
What is efficiency strategy?
300
A standard unit of value of a country's coinage.
What is Monetary Unit?
300
Performing market research, producing a marketing plan, and product development, as well as strategically overseeing advertising, promotion, distribution for sale, customer service and public relations.
What is a marketing function?
300
The quick ratio
What ratio measures how well a company can meet its short-term financial liabilities?
300
Incompatible functions, use functions that work well together.
What should a business separate, in terms of functions?
300
Changes in the external environment, quickly commit resources to new courses of action
What is flexible strategy?
400
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, and objectives.
What is going concern?
400
A mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs - generally capital and labor.
What is product function?
400
Profit you are making on the original investment
What is return on investment?
400
Methods put in place by a company to ensure the integrity of financial and accounting information, meet operational and profitability targets
What is internal control?
400
The focus is on achieving immediate goals, with little or no regard for building future relationships
What is loose strategy?
500
Manufacturer
What type of business is Microsoft?
500
Financial statements are divided into three classes of net assets, unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.
What does the report of independent auditors say about financial statements?
500
the quantitative relation between two amounts showing the number of times one value contains or is contained within the other.
What is a ratio
500
Not compliant, focused on future finances; a non flexible strategy where the business wants something their own way for an investment or deal.