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Accounting
Business
Business Record
Miscellaneous
Income Statement
100
What is Business Entity
The type of company or corporation for your new business helps maximize your chances of financial and operational success. Examples such as C corporations, limited liability companies (LLC), partnerships, S corporations, and sole proprietorships
100
An accounting guideline where the U.S. dollar is assumed to be constant (no change in purchasing power) over time
What is Monetary Unit
100
A business that sells goods from inventory. The business could be a retailer, wholesaler, distributor, manufacturer, etc.
What is mechandiser
100
ratio of current assets to current liabilities. This ratio is an indicator of a company's ability to meet its current obligations
What is current ratio
100
This function records all payments, and outgoing services needed for company XYZ
What is Expenses?
200
A financial ratio that expresses the income statement effect from employing an asset as a percentage of the asset's cost on the balance sheet.
What is Return on Investment?
200
allows the readers of financial statements to assume that the company will continue on long enough to carry out its objectives and commitments. the accountants believe that the company will not liquidate in the near future.
What is Going Concern
200
the action or process of keeping financial accounts.
What is accounting
200
Type of function where the direct involvement of manufacturing products. Examples are the machining, finishing, and assembling departments.
What is Production function
200
Another name for operating revenue. single-step income statement which reports the operating revenues, nonoperating revenues, and gains in one section of the income statement.
What is Revenue
300
The result of dividing a corporation's net income by the average amount of common stockholders' equity during the time interval when the net income was earned.
What is Return on Owner's Equity
300
This ratio compares the amount of cash + marketable securities + accounts receivable to the amount of current liabilities.
What is Quick Ratio
300
Type of function where the preparation of the main financial statements: income statement, balance sheet, statement of cash flows, statement of retained earnings, statement of stockholders' equity.
What is Finance Function
300
Ratio of net sales revenues minus the cost of goods sold before TAXES
What is gross Margin ratio
300
Cost determined by Sales
What is variable costs
400
variance arising in a standard costing system that indicates the difference between 1) the standard cost of the direct labor that should have been used (the standard hours times the standard rate) for the good output, and 2) the actual hours of direct labor used at its standard rate per hour.
What is efficiency variance strategy
400
A flexible budget the budgeted amount of manufacturing overhead will increase if the company produces more units than planned. The flexible budget will decrease if the company actually produces fewer units than planned.
What is flexible budget
400
A cost or expense that is not directly traceable to a department, product, activity, customer, etc. As a result indirect costs and expenses are often allocated to the department, product, etc. For example, a manufacturing department that molds plastic has some costs that are directly traceable to it
What is indirect cost
400
The division of a company that is focused on activities relating to employees. These activities normally include recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention.
What is human resources
400
Selling costs, Administrative costs, Rent, Utilities, Office costs
What is fixed costs
500
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?
500
process of comparing the amounts in the Cash account in the general ledger to the amounts appearing on the bank statement. The objective is to be certain that there is consistency between the amounts and that the company's amounts are accurate and complete.
What is bank reconciliation
500
the amount of money remaining after all operating expenses, interest, taxes and preferred stock dividends (but not common stock dividends) have been deducted from a company's total revenue
What is net income
500
reports the sources and uses of cash by operating activities, investing activities, financing activities, and certain supplemental information for the period specified in the heading of the statement.
What is Statement of cash flows
500
A written opinion of an independent certified public accountant that a company's financial statements are a fair representation of the company's financial performance and financial position.
What is auditor's report