The department of a company responsible for managing the investments of a companies money, accounting, receipting and depositing all revenues.
What is Finance Function
100
a type of internal control and an example of this would be receipts kept by the company to keep track of purchases
What is Maintaining adequate documents and records
100
assets/liability measures a company's ability to pay short term obligations.
What is current ratio
100
Time spent on things that add value to the company's products,services and processes
What is Value added time
100
a concept that covers a company reporting profit at regular intervals.
What is periodicity
200
A department who is responsible for hiring personal, determining salaries, position clarification, policy development and health insurance.
What is Human Resource Function
200
a protection method where the company decides where the assets go and an example would be when inventory is requisitioned for production.
What is physically controlling assets and docuements
200
measures the liquidity of a company
What is quick ratio
200
Can add to the bank's cash balance
What is Deposits in transit and bank errors
200
A concept that states that the businesses records are kept separate from those of the owner
What is Business Entity
300
The functional area responsible for turning inputs into finished outputs through a series of processes
What is Production Function
300
The process of the decisions being revised by people that are at the head of the company and an example is when a budget needs to be approved in order to be used.
What is requiring proper authorization
300
This ratio measures how profitable a company sells its inventory or merchandise.
What is Gross Margin Ratio
300
Can deduct from the Bank's cash balance
What is outstanding checks and bank errors.
300
A type of company that buys whole goods and resales them
What is a merchandiser
400
shows the net income of a business
What is the income statement
400
Set to protect the assets of a company
What is internal control
400
Net income/total average assets
What is return on investment
400
cause deductions in a business's checking account
What is bank service charges and Non sufficient checks and fees and errors in the banks cash account.
400
A company that is involved in the creation of there products from the start.
What is a manufacturer
500
Department of a company responsible for increasing revenue, increasing market share and contributing to the company growth and profitability
What is Marketing Function
500
Different people are used for different duties to reduce the error and and example would be how there are people that take care of production, others of marketing and then other people take care of finances.
What is separating incompatible functions
500
Net income/ average owner's equity
What is return on owner's equity
500
Cause additions to a businesses checking account balance
What is interest earned, notes receivable collected by bank and errors on the banks cash account
500
reports that the financial statements fair and that the accurately represent the business.