Concepts
What kind of Business
Describe the Function
Financial statements
Banking/Ratios
100
An accounting system reflect only information about economic events that pertain to a particular entity.
What is Business entity concept
100
an unincorporated business with one owner who pays personal income tax on profits from the business
What is sole proprietorship?
100
It can provide your organization with structure and the ability to meet business needs through managing your company's most valuable resources -- its employees.
What is Human Resource Function?
100
A financial statement that has three main columns: assets, liabilities, owners equity.
What is Financial statement?
100
These checks and deposits affect the Banks cash balance
What is outstanding checks and deposits in transit?
200
Assuming that, absent any information to the contrary, the business entity will continue into the foreseeable future.
What is Going Concern
200
Microsoft is an example of this kind of business
What is a manufacturer?
200
Determining the best ways for customers to locate,obtain,and use the products and services of an organization. Involves moving the product each step from the deign idea to the consumer.
What is Marketing Function?
200
A report given by the GAAP to say if the business's financial statements are correct.
What is Auditor's report?
200
This error can affect the business's books on the the checking account balance
What is error on the books?
300
Asserting the money is the common measurement unit of economic activity?
What is Monetary Unit
300
Corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes
What is S corporation?
300
expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. It states the amount of product that can be obtained from every combination of factors, assuming that the most efficient available methods of ________ are used.
What is Production function?
300
You can find the net income of a business in this financial statement.
What is the income statement?
300
An indicator of a company’s short-term liquidity
What is Quick ratio?
400
The 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
400
This is an independent legal entity, separate from the people who own, control, and manage it.
What is a Corporation?
400
The part of an organization that manages its money.
What is Finance function?
400
You can find what your company has been spending on in this income statement.
What is a Cash flow statement?
400
(Total sales revenue-Cost of goods sold) / total sales revenue
What is gross margin ratio?
500
revenue and expenses are recorded when they occur and not when the cash is received or paid out;
What is Accurals concept
500
An owner is not personally responsible for business debts and obligations of the corporation.
What is a limited liability corporation?
500
A process or operation that is performed routinely to carry out a part of the mission of an organization.
What is Business function?
500
The selling of a product goes into which statement?
What is all three income statements?
500
Net income/Shareholder's equity
What is Return on Owners' Equity?
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