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What's your Function?
The GAP
The Bank Messed Up, Linda
Time is Money
I'll take it for 500, Alex
100
A sub-division within a company that is completely autonomous from the rest of the company. The distinct division will have complete control over how it utilizes its assets, organizes its management and the most appropriate financing structure if required.
What is Business Entity?
100
When you get audited, or when you have to produce proof of financial statements, the accountant that looks everything over will look to see if everything follows this established principle.
What is Generally Accepted Accounting Principles?
100
This happens when a business puts restrictions on who can see or utilize certain data in the company
What is Required Proper Authorization?
100
This is a business that generates income by providing services instead of selling physical products. A good example of this is a public accounting firm. They earn revenues by preparing income tax returns, performing audit and asset services, and even doing bookkeeping work.
What is Service Business?
100
This is the amount of time it takes to actually produce the product. Obviously, production time is this because it creates a product from raw materials. The product is improved and is worth more at the end of the process time.
What is Value Added Time?
200
a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
What is Going Concern?
200
Here you can find the net income of a business, that lists total expenses and revenue
What is Income Statement
200
This is the result of a Certain Environment and an Outward Focus
What is Flexible Strategy?
200
This type of business ensures that products appear in the right store, or on a website, at the appropriate time and in the correct quantities. This involves working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance.
What is Merchandiser?
200
This is a liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its current assets. The ratio is an important measure of liquidity because short-term liabilities are due within the next year.
What is Current Ratio?
300
The process of acquiring and utilizing the funds of a business
What is Finance Function?
300
This is usually expressed as a percentage and is typically used for personal financial decisions, to compare a company's profitability or to compare the efficiency of different investments
What is Return On Investment?
300
States that you only record business transactions that can be expressed in terms of a currency.
What is Monetary Unit?
300
This type of company converts raw materials to finished goods for sale, utilizing the Conversion, Expenditure and Revenue processes extensively
What is Manufacturer?
300
This is the difference between revenue and cost of goods sold, or COGS, divided by revenue, expressed as a percentage. Generally, it is calculated as the selling price of an item, grossly less the cost of goods sold (production or acquisition costs, essentially).
What is Gross Margin Ratio
400
The division of a company which handles the payment, hiring, and all other affairs of every employee in a company
What is Human Resource Function?
400
This is a measure of how well a company can meet its short-term financial liabilities. Also known as the acid-test ratio, it can be calculated as follows: (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities.
What is Quick Ratio?
400
The time period assumption, means that 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 mishap will decrease the bank's cash balance, when they wish to do a reconciliation
What is Deposit in Transit?
400
is a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders' holdings
What is Dividend on Owners Equity
500
a role which helps a company to identify and source potentially successful products for the marketplace they operate on and then promote them by differentiating them from similar products. It is a vital part of any company.
What is Marketing Function
500
When a company keeps safe and organizes financial data where it can be accessed easily and quickly and compared to other data this is?
What is Maintaining Adequate Documents and Records?
500
When a business wishes to do a Bank Reconciliation, this will affect their cash balance
What is Outstanding Checks?
500
This is what a business owner does when he has an extra amount in owners equity after a period, he reinvests it into the company instead of dividend it out
What is Stockholders Equity and surplus revenue?