What do you call when the results of a business should be determined and communicated on a regular basis
What is periodicity
100
analysis of the probability of products
What is Gross Margin Ration
100
Net income is under this financial statement
What is Income Statement
100
records must be kept, an accounting system must be working properly
What is Maintaining adequate documentation
100
determines what jobs are required, where to find the people to fill the jobs, how to pay and reward the people
What is Human resource Function
200
What do you call when inventory is purchased and used to be resold
What is merchandising
200
analysis of the ability to pay current obligations from liquid assets
What is quick ratio
200
shows the amounts of the company’s assets, liabilities, and owners’ equity at the end of the period
What is Balance Sheet
200
only certain people are authorized to do certain things
What is Proper authorization
200
determines where to raise capital and how to raise and what that capital should be used for
What is Finance Function
300
business records should be kept using money as the common measurement tool
What is Monetary Unit
300
analysis of the return on investment for owners
What is Return on Owner's Equity
300
shows the changes in owners’ equity for the period including the changes to retained earnings
What is Statement of owners’ equity
300
assets should be kept under lock and key and records should be backed-up and kept in a safe place
What is Physically controlling assets and documents
300
determines what to sell, where to sell it, how to get it there, and what price to charge
What is Marketing Function
400
business records and personal records should be kept separate and distinct
What is Business entity
400
relationship of net income to average total assets
What is Return on on Investment
400
shows the cash inflows and outflows from operating, investing, and financing activities for the period that when added to (deducted from) the beginning balance of cash result in the ending balance of cash
What is Statement of cash flows
400
the person(s) who have access to the accounting records should not also have access to cash
What is Separating incompatible duties
400
plans, directs, controls and evaluates operations, determines whether operations are efficient
What is Production Function
500
the business is assumed to continue into the foreseeable future
What is Going concern
500
analysis of the ability to pay current obligations
What is Current Ratio
500
indicates whether the company followed GAAP when preparing its financial statements and whether the assertions made by management are reliable
What is Report of the Independent Auditors
500
generates income by providing services instead of selling physical products.
example: public accounting firm.
What is Service firm
500
makes a good through a process involving raw materials