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Pricing
Determining Net Income
Functions/Activities
Early Aspects to Accounting
Assets, Liabilities, and Owner's equity
100
A pricing strategy where the company attempts to set the selling price for the life of a product.
What is Life Cycle pricing?
100
Accounts receivable
What is the term is used to describe money owed to a company by its debtors.
100
This function is responsible for all the financial activities of a business, including borrowing money.
What is the finance function responsible for?
100
That it requires an accounting system to reflect on economic events on that particular business or entity.
What is a business entity concept?
100
It is considered a current liability.
What is accounts payable considered?
200
A pricing strategy where the company attempts to set the selling price low in an attempt to gain control over the market share from its competitors.
What is Penetrating pricing?
200
NSF check
What is the term used to describe a check that has insufficient funds?
200
This function determines the needs and wants of the customer and devises a system to distribute that particular product.
What is the marketing function primarily responsible for?
200
A principle that asserts that money is the common unit of economic activity.
What is a monetary unit?
200
Cash is considered a current asset.
What is cash considered?
300
A pricing strategy where the company first sets the selling price very high but gradually lowers its price over time.
What is Skimming pricing?
300
This term describes a formally written obligations to creditors.
What is a note payable?
300
The human resources function is responsible for giving employees opportunities to succeed and for proper compensation for them.
What is the Human Resources function responsible for?
300
Principle that states that the success or failure of a business should be evaluated at regular intervals.
What is the periodicity concept?
300
No, because that is a bad sign that your business is not in a healthy state. You never want your liabilities to outweigh your assets.
As a business, do you want to have more liabilities than assets?
400
Where the company first determines the selling price of a product through market surveys.
What is target pricing?
400
It is usually considered an asset and a current one at that.
What is a building considered?
400
Activities that are responsible for the sale of long term assets and other major items for the goal of the business.
What are investing activities?
400
Where money invested in a corporation is at risk but not the investor's personal possessions.
What is limited liability?
400
It is a portion of the balance sheet that shows the capital gained from investors for stock
What is stockholder's equity?
500
Price gouging is where a company or business sets the price on its goods extremely over what is considered fair or good.
What is price gouging?
500
It can be found on a cash flow statement.
What is the place where cash can be found?
500
The money-making activities of a business.
What are the operating activities of a business responsible for?
500
A firm that provides services in exchange for money or promise of money. Such as the barber or the mechanic.
What is a service firm?
500
It is something you cannot own for a long term such as the land or building.
What is a intangible asset?