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quiz bee > brrt > Flashcards

brrt Flashcards

1
Q

father of accounting

A

Fra Luca Bartolomeo de Pacioli

Luca Pacioli

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2
Q

forms of business

A
  1. sole proprietorship
  2. partnership
  3. corporation
  4. cooperative
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3
Q

functions of management

A
  1. planning
  2. organizing
  3. leading
  4. controlling
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4
Q

father of scientific management

A

Frederick Taylor

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5
Q

person who plans, organizes, leads, and controls in achieve organizational goals

A

manager

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6
Q

working one a time and order is crucial

A

monochronic culture

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7
Q

accomplishing many things at once and order is not important

A

polychronic culture

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8
Q

refers to the number of which a certain number of hundredths is taken

“of”

A

base

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9
Q

refers to the number of hundredths that was taken

”%”

A

rate

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10
Q

part of the base determined by the rate

“is”

A

percentage

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11
Q

formula of rate

A

r = p/b

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12
Q

relationship of two quantities

A

ratio

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13
Q

equal ratios

A

proportion

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14
Q

formula of interest

A

i = prt

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15
Q

accounting process

A
  1. indentifying
  2. recording
  3. communicating
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16
Q

govt agency: sole proprietorship

A

Department of Trade and Industry

17
Q

govt agency: partnership and corporation

A

Securities and Exchange Commission (SEC)

18
Q

govt agency: cooperatives

A

Cooperative Development Authority (CDA)

19
Q

business enterprise is separate and distinct from its owner

A

business entity principle

20
Q

business is expected to continue indefinitely

A

going concern principle

21
Q

financial statements should be divided into specific time intervals

A

time period principle

22
Q

amounts are states into a single monetary unit

A

monetary unit principle

23
Q

financial statements must be presented with supporting evidence

A

objectivity principle

24
Q

accounts should be recorded initially at cost

A

cost principle

25
Q

revenue is recognized when earned regardless of collection and expenses should be recognized when incurred regardless of payment

A

accrual accounting

26
Q

revenue is recorded when collected and expenses should be recorded when paid

A

Cash Basis Principle

27
Q

cost should be matched with the revenue generated

A

Matching Principle

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