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ACCOUNTING
FINANCIAL STATEMENTS
ANALYSIS
COST AND BUDGET DECISIONS
CONCEPT REVIEW
100
Seeks to meet the needs of business; Draws from various sources and uses information from various degrees of reliability.
What is MANAGERIAL ACCOUNTING
100
Three components are Assets, Liabilities, and Owners Equity
What is STATEMENT OF FINANCIAL POSITION
100
Normally accepted in settlement of claims
What is CASH
100
Job costing that includes direct labor and direct materials
What is DIRECT COSTS
100
Items held by a business for economic benefits
What are ASSETS
200
Meant for stakeholders and uses Generally Accepted Accounting Principles (GAAP)
What is FINANCIAL ACCOUNTING
200
Must match net assets with owners equity
What is Balance Sheet
200
Short term highly liquid investments
What are CASH EQUIVALENTS
200
The cost of producing a product or service
What is PROCESS COSTING
200
Difference between amount earned and amount spent
What is PROFIT
300
Applies to all business processes and asks the question "Do the costs of gathering this financial information outweigh the benefits"?
What is COST BENEFIT ESTIMATION
300
Presents a picture of the profit and cash of the business
What is Income Statement
300
Summarizes the inflow and outflow of cash
What is STATEMENT OF CASH FLOW
300
Costing that does not include overhead and administrative costs
What is VARIABLE COSTING
300
Reduction in value over time
What is DEPRECIATION
400
Uses reports that are of a more detailed nature to help with operational or day-to-day decisions
What is MANAGERIAL ACCOUNTING
400
Revenue - Expenses = Net Income
What is Income Statement
400
Direction of cash flow from investing activities
What is outward or negative cash flow
400
Starting point when creating operating budgets
What is SALES BUDGET
400
Amount spent buying, operating, and producing something
What is COST OF SALES
500
Uses financial information to assess the ability to pay for goods or services supplied
What is SUPPLIERS
500
Income Statement is also known as
What is STATEMENT OF FINANCIAL PERFORMANCE
500
Includes Profitability, Efficiency, Liquidity, Financial Gearing and Investment
What is CLASSIFICATION OF FINANCIAL RATIOS
500
Includes budgets for sales, manufacturing costs, purchases, selling expenses, and general and administrative expenses.
What is OPERATING BUDGETS
500
Amount spent on operating not directly linked to production
What is OPERATING EXPENSES