Data & Information
A single collection of data and information stored in one place that can be used by people throughout an organization to make decisions, is called _________.
Database
The number of times the firm sells its merchandise inventory in one year.
Inventory turnover
A net ________ or _______ is calculated when expenses are subtracted from revenues, for a company/business.
profit or loss
The process of systematically collecting, analyzing, and reporting financial information.
Accounting
The resources a business owns, such as cash, inventory, equipment, and real estate is referred to as: ___________.
Assets
a financial statement that illustrates how the company’s operating, investing, and financing activities affect cash during an accounting period
Statement of Cash Flows
Numerical or verbal descriptions that usually result from some sort of measurement.
Data
The total dollar amount earned by a firm from selling goods, providing services, or performing business activities.
Revenue(s)
Cost of goods sold divided by the average inventory provides this ratio: ______________________.
Inventory turnover
Financial summary of a firm's revenues and expenses during a specified accounting period, is referred to as the ________________.
Income statement
The difference between a firm’s assets and its liabilities
Payment distributed to shareholders by a company, not retained by the firm, is referred to as ________________.
Dividends
data presented in a form that is USEFUL for a specific purpose.
Information
An examination of a company's financial statements and the accounting practices that produced them.
Audit
The cost of goods sold equals beginning inventory plus net purchases minus __________________________.
ending inventory
Financial summary of the dollar amounts of a firm’s assets, liabilities, and owners’ equity accounts at the end of a specific accounting period.
Balance Sheet
Amazon’s brand is worth an estimated $684 billion. It characterizes this amount on its statement of financial position by this name: ___________________.
intangible asset
Debts that will be repaid in one year or less.
Salaries payable, accounts payable, and taxes payable are examples of _______.
current liabilities
The purpose of a _______________ ________ _____________ is to distribute timely and useful information from both internal and external sources to the managers and employees who need it.
management information system
The ease with which an asset can be converted into cash is referred to as its _______.
Liquidity
Dividing current assets by current liabilities gives the___________________ .
Current Ratio
a report distributed to stockholders and other interested parties that describes a firm's operating activities and its financial condition.
Annual Report
Accounting system in which each financial transaction is recorded as two separate accounting entries to maintain the balance shown in the accounting equation
Double-entry bookkeeping system
If you worked for one week, but your employer only pays its employees every two weeks. How will your employer characterize the amount of money it owes you?
salaries payable
If a company/organization has more information it will incur less _______________.
risk
Trademarks, patents, and goodwill would be classified as _______.
intangible assets
Assets are equal to Liabilities plus Owner's Equity.
Accounting equation
You are asked to arrange the following assets: equipment, accounts receivable, cash, merchandise inventory, and notes receivable. You list _______ first and _______ last.
cash, equipment
Commonly used in accounting analysis, a _______ shows a relationship between two elements of a firm's financial statements.
financial ratio
When preparing a PERSONAL income statement, the amount remaining after subtracting expenses from income is called _______.
Or if there are more expenses than income, called ___________.
cash surplus
cash deficit