Business Flashcards

Terms Definitions
Liabilities are...
resorces owned by creditors
transferring debits and credits from the journal to the corresponding accounts is called...
which account will normally require an adjustin entry
fees earned
corporate annual reports typically do not contain which of the following
next years budget
java beans comapny purchased $500 of supplies with cash.  what effect does this transaction have on the accounting equation
no effect
an analysis in which all the components of a balance sheet are expressed as a percentage of total assets is called...
vertical analysis
the statement that reports net income or loss for a certain period in time is the...
income statement
6,600 debit balance in koko company prepaid insurance account represents 6 months of insurance.  what should be included in the adjusting journal entry to expense one month's worth of insurance
debit--insurance expense $1,100
management's analysis of the results of operations and its opinion about future performance are found in the...
management discussion and analysis section
will not be prepared during the accounting cycle
pre closing trail balance
who is considered to be internal users of accouning information
employees an managers
following adjusting entry were omitted, what affect would it hace on income?
accounts receivable                                        3,400
      fees earned                                            
income would be understated by 3,400
cost of merchandise sold is calculated by...
addig beginning merchandise inventory and cost of purchases less ending merchandise inventory
formula used to calculate accounts receivable turnover is...
net sales / average accounts receivable
adjusted trial balance is prepared
to determine whether the debits are equal to the credits after entries are recorded
during which step of the accounting cycle will the net income or loss be determined and reported for the accounting period
when financial statements are prepared
Not true abuot GAAP
GAAP is a standard set of principles which allows the company to choose the format of their finacncial statements
if the following adjusting entry was omitted, what affect would it hace on income?
depreciation expense                                       1,600
      accumulated depreciation                                1
income would be overstated by 1,600
which step is last in the accounting cycle
closing entries are journalized and posted to the ledger
purpose of the adjusted trail balance is to....
verify the equality of the total debit balances and the total credit balances after adjustments have been recorded
why is it favorable too select a fiscal year that ends when the normal operating cycle is at its lowest point
the business has more time to analyze the results of the operations
if the adjusted trail balance is found to be out of balance, what is the next step that should be taken
find and correct the error that have caused the adjusted trial balance to be out of balance
what is the reason for using the income summary account
income summary is used as a clearing account to transfer the nominal accounts to the retained earnings account
flors company received $800 for fees earned from customers, that had not previously been recorded.  Correct journal entry?
cash                                              800
fees earned                                        800
first closing entry for a merchandising business will include what?
resources owned by the buisness entity are called...
which account is reported in the asset section of the balance sheet, even though it has a normal credit balance
accumulated depreciation
fiscal year of a flower shop  would most likely end on 
september 30
under the periodic inventory system, which of the following accounts will be used to record the return of inventory purchased
purchases returns ad allowances
accured expenses are...
expenses that have been incurred but have not been paid or recorded in the books
order that financial statements should be prepared
income statement, retained earnings, statement, balance sheet
annual report does not include
salary information for the key executives
Which of the following is considered a user of accountin information?
a. Employees/Managers
b. Customers and Suppliers
c. Government
d. all are correct
D. All are correct
inventory records of good news company indicates that 92,300 of merchandise should be on hand at the end of the month.  the physical inventory indicates that 89,900 is actually on hand.  the journal entry to adjust inventory shrinkage will include...
cost of merchandise sold 2,400 debit
the good nes compan sold mrchandise on account $35,000 with tems 2/10, n/30.  the cost of merchandise sold was $27,600. which of the following journal entries will be recorded for the sale of merchandise?
account receivable $35,000 debit and sales $35,000 credit
once the adjusted trial balance is extended to the income statement section and to the balance sheet section, if the debit column of the income statement is lower than the credit column
the difference will be reported as a net income
la dette
to roll
to retire
se retirer
Gov Purchases
IS Right
a fully performed contract
enforceable rules governing relationships among individuals and between individuals and their society
order to appear and testify
1. Misrepresentation of a material fact exists.2. Contract is made with knowledge that the fact is false.3. Contract is made with the intent to deceive.4. Innocent party justifiably relies on the misrepresentation.5. Innocent party is damaged.
actually differentiating the market offering to create superior customer value
________________ moved 1.66 billion tons annually (46% of tonnage). This is going down since most manufacturing are increasingly use trucking for JIT shipments.
not prudent; lacking discretion; incautious; rash.
Things that are necessary for survival
SWOT Analysis:
Analyzes the organizations Strengths (internal +), Weaknesses (internal -), Opportunities (external +), and Threats (external -).
Someone who develops another person through tutoring, coaching, and guidance
Direct Investment
the ownership of overseas facilitiesex: starbucks
The process of converting resources into goods and services that people want
System feasibility assessment tool that focuses on the financial and economic benefits and costs which a new system would bring to the organization
Economic Feasibility=
types of information systems
manual, informational, formal
Low-Cost Suppliers:
pursue large customers, minimize costs, compete on price (ex: Wal-Mart, Kia, CostCo)
profitability ratios
assess performance, normally measured in terms of some measure of earnings as a percent of some level of activity or investment. designed to measure earnings power adn include return on equity, return on assets, earnings per share, return on sales (profit
shortness of time or duration; briefness:
lacking social grace, sensitivity, or acuteness
Buying Motives
The reasons for making a purchase
labor relations
The system of relations between workers and management.
Goods and services produced in one country and sold to other countries
managerial accounting
serves internal users by providing information to make departmental decisions, monitor projects, and plan future activities
a person who owns an insurance policy
Also known as shareholder equity, owners’ equity, or net worth. This represents the net value of the company after liabilities are deducted from the value of total assets. The value is calculated by adding, in this case, common stock and retained earnin
Total Equity
Producer Surplus
is the producer’s gain from exchange, or the difference between the market price and the minimum price at which producers would be willing to sell a given quantity.
Go live activities
deploy final release
maintain app (enhancemnts, fixes, CRs)
Monitor system
Name the project phases
Inception, ELaboration, Construction, Transition
an insurance policy that covers a fixed percentage or flat dollar amount of various forms of dental work
may be physical or economic, negates free will
Parents, children and other relatives living together.
Extended Family
How much of online users are Americans?
desired profits
NI = ROI x avg assets
the act of acquiring or gaining possession:
Labor unions
employee organizations formed to deal with employers for achieving better pay, hours, and working conditions.
a person or thing that represents another or others.
Substantive Due Process (SDP)
requires that statutes, ordinances, regulations be clear & understandable to the reasonable person
assessment center
A managerial performance test in which candidates participate in a variety of exercises and situations.
Bayesian analysis
"Bayesian" refers to the 18th century statistician Thomas Bayes (1702–1761), who provided an early, mathematically incomplete treatment of a problem in Bayesian inference. all the functions of the parameters are distributed. In other words, a posterior distribution is obtained for functions such as reliability and failure rate, instead of point estimate as in classical statistics. Therefore, in order to obtain a point estimate for these functions, a point on the posterior distributions needs to be calculated. Again, the expected value (mean) or median value are used.
The process of influencing others to pursue official objectives
Statutory Law
Law enacted by a legislative body (Congress and State Legislatures)
futures contracts
legally binding obligations to buy or sell specified quantities of commodities or financial instruments at an agreed-on price during a specified time
Nenne die vier Kriterien der Verschuldenshaftung.
Schaden, Verschulden, Widerrechtlichkeit, Adäquater Kausalzusammenhang.
A legal entity created by the state whose assets and liabilities are separate from the owners.
price ceilings
the controlled price is below the market equilibrium price
Consideration that took place before a contract was made.
Past Consideration
online marketing research
collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers online behavior
Board of governors
The seven-member group that supervises and controls the money and banking system of the US; the board of governors of the federal reserve system; the federal reserve board.
Public goods?
Benefits more than 1 person, and cannot be denied to anyone
What are the three types of torts?
1)Intentional2)Negligent3)Strict Liability
Fraudulent Misrepresentation
if seller knows the statement is untrue
Organisation chart
A diagram showing the lines of authority and layers of hierarchy in an organisation.
cafeteria-style fringe benefits
Fringe benefits plan that allows employees to choose the benefits they want up to a certain dollar amount.
to venture upon; take or run the chance of:
Cash flow
the movement of money through an organization over a daily, weekly, monthly, or yearly basis
the person who pays the draft (ie - the bank)

•Limited Partnership
-- A partnership with one or more general partners and one or more limited partners.
To promote a list item in an outline numbered list, you click the Increase Indent button on the Home tab.
Production facility that workers can quickly modify to manufacture different products. Typically consists of computer controlled maching centers to produce metal parts, robots to handle the parts, and remote controlled carts to deliver materials. All com
Flexible Manufacturing System (FMS)
Money paid out of total job benefits for things such as travel, dues, tools.
Job Expenses
How many small business are in the US?
24 million
Money demand
amount of wealth people want to hold in liquid form *depends on price level (P) - increase in P=decrease in valur of money=more money required to buy goods and services
Export-Import Bank (Eximbank)
Agency of the U.S. government whose mission is to provide aid in financing and facilitate exports and imports.
Define Technical efficiency
refers to the minimizing of the physical inputs to a production method according to some specific rule.
The amount added to the cost of the goods to cover all other expenses plus a profit.
Strict Liabiliy
A legal doctrine that says that some activities are so dangerous that liability will always follow any injury that results from those activities.
the width and appearance of a line used to draw an object
Line style
What agency deals with the enviroment?
EPA (Enviromental Protection Agency)
to mount upon; get on the top of; mount upon and cross over:
Budget Accounts
allows you to pay for costly items in equal payments spread over a period of time
unsought goods and services
products that cosumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem
Self-Service Retail Store
a retailer that does not provide sales assistance or service and sells
products that do not require much expertise

One of the six eras' in the history of US business is the "Production" era?
a summary of your important job related info is called
a personal data sheet
Define Long Run
the period of time in which all inputs, including plant and equipment, can be varied
What is a credit union?
A user-owned, not for profit, cooperative financial instituion.
What is monpolistic competition?
A market situation where there are many buyers along with a relatively large number of sellers.
A franchisor typically provides ______ to ________ the franchisee.
Services to assist the franchisee (building plans, site selection help, managerial and accounting systems).
a tax on the production or sale of a specific good or service.
Excise tax
How Many Points Do You Need To Be Sent To Driver Improvement Clinic And How Much Does It Cost?
7, $50
Balance Sheet, period.
dated as of a specific date; As of December 31st, 2011
What is Economics?
The study of how wealth is created and stored.
What services does the Fed perform for the government?
Pays government bills, sells governement securities, and distributes currency.
Where can you call a section from?
section, flow action and harness (UI)
What is the Small Business Administraton?
Created in 1953 it helps small businesses
describe the letter of authorization for a formal report
this is included only if the report was requested in writing
Explain when a joint venture would be considered a preferable integration strategy.
Joint ventures are often used to diversify when the new service can benefit all the partners and when competing against each other for that service would be undesirable. Hospitals in a given region may engage in a joint venture to form a home health agency that benefits all partners. An acute care hospital, a multispecialty physician group practice, a skilled nursing facility, and an insurer may join to offer a managed care plan. Each participant would continue to operate its own business, and they all would have a common stake in the new MCO.
What is a business plan?
What are the 3 purposes?
A carefully constructed guide for the person starting a business.

2. Management
3 Planning
What are the two keys to the success of a small business?
1. Develop a business plan 2. Use the resources provided by such agencies as the SBA, local business incubators, and other sources for advice, funding, and networking opportunities.
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