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Concepts
Concepts Part 2
Descriptions
More Questions
More Questions Cont.
100
An accounting system that reflects only information about the economic events that pertain to a particular entity
What is Business Entity?
100
Retail stores which sell finished, pre-packaged goods. They are categorized into four types on the basis of price, range of product lines, and service level
What is merchandiser
100
A mathematical equation or graph that shows the relationship between physical inputs and physical outputs for a business. Typically focuses on the physical and so does not take into account non physical aspects of production like prices.
What is production function
100
Items that can affect business checking account balance
What is checks that haven't been withdrawn/deposited
100
The earning power of assets measured as the ratio of the net income (profit less depreciation) to the average capital employed (or equity capital) in a company or project.
What is Return on Investment
200
A concept assumes that, absent any information to the contrary, the business entity will continue into the foreseeable future
What is going concern?
200
Entity that makes a good through a process involving raw materials, components, or assemblies, usually on a large scale with different operations divided among different workers. Commonly used interchangeably with producer
What is manufacturer
200
a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit or evaluation performed on a legal entity
What is Report of the Independent Auditors
200
The only value added time process in the cycle time example is the process time. This is the amount of time it takes to actually produce the product.
What is value added time
200
A measure of how well a company can meet its short-term financial liabilities. Also known as the acid-test ratio.
What is Quick Ratio
300
currency unit issued as a coin or banknote, and used as a standard unit of value and a unit of account
What is monetary unit
300
is the process of acquiring and utilizing funds of a business. It consists of raising , providing , managing of all the money , capital or funds of any kind to be used in connection with the business
What is Finance Function
300
Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position.
What is Financial Statements
300
class of financial metrics that are used to assess a business's ability to generate earnings as compared to its expenses and other relevant costs incurred during a specific period of time.
What is profitability ratios
300
Systematic measures instituted by an organization to conduct its business in an orderly and efficient manner, safeguard its assets and resources, deter and detect errors, fraud, and theft, ensure accuracy and completeness of its accounting data, produce reliable and timely financial and management information, and ensure adherence to its policies and plans.
What is Internal Control
400
The interval on the time axis of a stock chart
What is periodicity
400
The role of human resource management is to plan, develop, and administer policies and programs designed to make expeditious use of an organisation’s human resources. It is that part of management which is concerned with the people at work and with their relationship within an enterprise.
What is Human Resource Function
400
The total revenue in an accounting period minus all expenses during the same period. Found on income statement, statement of cash flows, statement of retained earnings.
What is net income
400
Indicator of a firm's ability to meet short-term financial obligations, it is the ratio of current assets to current liabilities.
What is current ratio
400
signifies a level of performance that describes a process that uses the lowest amount of inputs to create the greatest amount of outputs. Also relates to the use of all inputs in producing any given output, including personal time and energy.
What is Efficiency Strategy
500
A commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers
What is service business
500
A role that helps a company to identify and source potentially successful products for the marketplace and then promote them by differentiating them from similar products.
What is Marketing Function
500
Analysis and adjustment of differences between the cash balance shown on a bank statement, and the amount shown in the account holder's records. This matching process involves making allowances for checks issued but not yet presented, and for checks deposited but not yet cleared or credited. And, if discrepancies persist, finding the cause and bringing the records into agreement.
What is bank reconciliation
500
is a profitability ratio that compares the gross margin of a business to the net sales. This ratio measures how profitable a company sells its inventory or merchandise
What is gross margin ratio
500
Its capability to adapt to changes in the external environment. The organization has to identify major changes in the environment, quickly change commitment of resources to new courses of action to counter the change, and to identify markers in order to restore to previous commitments when the external environment is back to the initial state.
What is Flexible Strategy