This ratio is the analysis of the ability to pay current obligations
What is Current Ratio?
100
On which financial statement(s) can we find the net income of a business?
What is Income Statement, Statement of Cash Flows, Statement of Retained Earnings?
100
The function that is responsible for managing the financial resources of the business.
What is Finance Function?
100
An accounting system that reflects only information about economic events that pertains to a particular entity
What is business entity?
100
Which internal control is this: the person who have access to the accounting records should not have access to another action?
What is separating incompatible functions?
200
This ratio is the analysis of the probability of products?
What is Gross Margin Ratio?
200
In a bank reconciliation, what are the adjusting items in the bank column?
What is add deposits in transit, outstanding checks, errors?
200
The function that is responsible for ensuring that capable employees are given opportunities to succeed in a safe work environment.
What is Human Resource Function?
200
Is a term for a company that has the resources needed in order to continue to operate indefinitely. If a company is not a going concern, it means the company has gone bankrupt.
What is going concern?
200
Which internal control is this: only certain people are authorized to do certain things?
What is proper authorization?
300
This ratio is the relationship of net income to average total assets?
What is Return on Investment?
300
On a bank reconciliation, what are the adjusting items in the book column?
What is service charges, NSF checks, errors, interest earned?
300
The function of business that determines the wants and needs of consumers and devises a system for distributing the goods and services customers demand.
What is Marketing Function?
300
Meaning that the businesses should have one money unit to record its transitions, for example the US dollar
What is monetary unit?
300
Which internal control is this: records must be kept, an accounting system must be working properly?
What is maintaining adequate documents and records?
400
This ratio is the analysis of the return on investment for owners?
What is Return on Owners Equity?
400
Is the time spent that improve the outcome of the process
What is value added time?
400
The function that is responsible for planning, organizing, directing, and controlling the operations of a business.
What is Production Function?
400
An assumption that implies that a company can divide its economic activities into artificial time periods. These time periods vary, but the most common are monthly, quarterly, and yearly
What is periodicity?
400
Which internal control is this: assets should be kept under lock and key and records should be backed-up and kept in a safe area?
What is physically controlling assets and documents?
500
This ratio is the anaylsis of the ablity to pay current obligations from liquid assets?
What is Quick Ratio?
500
Match the efficiency strategy with the inward focus and environment
a) Certain Environment and Inward Focus
b) Certain Environment and Outward Focus
c) Uncertain Environment and Inward Focus
d) Uncertain Environment and Outward Focus
What is certain environment and inward focus?
500
The function that is responsible for providing useful information to the other functional areas and external parties.
What is Accounting and Information Systems?
500
Which of the four business concepts (Business Entity, Going Concern, Monetary Unit or Periodicity) covers reporting of profits at regular intervals?
What is Periodicity?
500
Which report says this about financial statements: Indicates whether the company followed GAAP when preparing its financial statements and whether the asserations made by management are reliable?