business run by two people who are liable if business fails.
What is partnership
100
Financial Accounting Standards Board,
What is FASB
100
Business environment that exists when a few firms control the types of products and services and their distribution.
What is Oligopoly
100
the cost of materials that are directly traceable to the product and that are costly enough to warrant tracing them.
What is direct material products cost
200
future fees to creditors
What is liability
200
Financial accounting is based on the premise that the transactions and balances of a business entity are to be accounted for separately from its owners
What is Business Entity Concept
200
operating activities involve transactions that result from the earnings process of the company
What is operating activities
200
Establishing a selling price based on costs that will earn it a return over the life of the product.
What is Life-Cycle pricing
200
the cost of employees who manufacture the product.
What is direct labor products cost
300
money incurred from sales
What is revenue?
300
business entity that is separate from from its owners
What is corporate
300
the activities involving purchasing and selling of long-term assets
What is investing activities
300
Pricing a product low to gain a share of the total market for its goods and services
What is Penetrating pricing
300
a shipping agreement between the business and common carrier.
What is Bill of Lading
400
iabilities that are to be paid within a long period of time
What is Long term liabilities
400
accountants will assume that a company's complex and ongoing activities can be divided up and reported in annual, quarterly and monthly.
What is periodicity
400
The primary purpose of a budget is to present and describe the financial ramifications of plans for the future
What is planning activities
400
Pricing strategy where the company initially sets a high price for its product
What is Skimming pricing
400
a cost that varies with the number of product lines.
What is product sustaining costs
500
type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.
What is Sole Proprietorship
500
a business that makes its facilities available to others for a fee
What is service firm
500
is the time spent on activities that add value to the company’s products/services of processes
What is value added time
500
Company first determines the selling price of the product based on market surveys.
What is target pricing
500
a cost incurred to maintain the company's capacity to operate.