An organization created by one or more natural persons to carry on a trade or business
What is a Business Entity?
100
A person or business who ensure that products appear in the right store, or on a website, at the appropriate time and in the correct quantities.
What is a Merchandiser?
100
A liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its current assets
What is the Current Ratio?
100
The use of pre-numbered, consecutive documents; and the timely preparation of documents.
What is and example of Maintaining adequate documents and Records?
200
The assumption that a company or entity exists for a certain period of time will be able to operate and pay for its expenses.
What is a Going Concern?
200
A person or company that makes goods for sale.
What is a Manufacturer?
200
Responsible for Recruitment, Safety, Employee Relations, Compensation and Benefits as well as Compliance
What are Human Resource Functions?
200
This ratio measures how profitable a company sells its inventory or merchandise.
What is Gross Margin Ratio?
200
Activities may include electronic or mechanical controls (such as a safe, employee ID cards, fences, cash registers, fireproof files, and locks) or computer-related controls dealing with access privileges or established backup and recovery procedures.
What is an example of physically controlling assets and documents?
300
Monetary Unit
What is the term used to describe the standard unit of value for a country's currency?
300
A business that generates income by providing services instead of selling physical products
What is a Service Business?
300
A function that deals with the allocation of assets and liabilities over time under conditions of certainty and uncertainty.
What is a Finance Function?
300
The benefit of an investment is divided by the cost of the investment, and the result is expressed as a percentage or a ratio.
What is Return on Investment Ratio?
300
The same person who is responsible for an asset's recordkeeping should not be responsible for physical control of that asset
What is an example of Separation of Incompatible functions.
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
Performs market research, produces a marketing plan, and product development, as well as strategically oversees advertising, promotion, distribution for sale, customer service and public relations.
What is a Marketing Function?
400
The report is only an opinion on whether the information presented is correct and free from material misstatements, whereas all other determinations are left for the user to decide.
What does the report of independent Auditors say about the financial statements?
400
A measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders' equity
What is Return on Owners' Equity?
400
A fixed price list may serve as an official authorization of price for a large sales staff.
What is an example of Requiring Proper Authorization?
500
The action or process of keeping financial accounts
What is Accounting?
500
Balance Sheet, Income Statement, Cash Flow
On what financial Statements can we find the net income of a business?
500
Compares the total amount of cash + marketable securities + accounts receivable to the amount of current liabilities.
What does the Quick Ratio do?
500
Flexible Strategy
What strategy is used in a Certain Environment and Outward Focus?