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Financial Management > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is an attempt to match current expenses with current income in the current accounting period?

A

Accrual Accounting

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2
Q

What is calculated based upon the total cost divided by the number of units?

A

Average Cost

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3
Q

What are the resources available to an operation that are possessions of the owner, that is equal to the capital?

A

Assets

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4
Q

What is wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment?

A

Capital

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5
Q

What is another name for an account that is payable, an obligation to pay in the future?

A

Liability

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6
Q

What type of budge is generated along with operating statistics to show such factors as cost per unit for labor, supplies, and productivity values?

A

Pro forma

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7
Q

What reflects the estimated costs that were planned for the current year?

A

Budgets

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8
Q

What kind of budget is indicated when cash is expected and matching it when expenses are to be paid?

A

Cash Budgets

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9
Q

What type of budget reflects the costs that are expected?

A

Expense Budgets

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10
Q

What type of budget is based upon the number of products that could be sold?

A

Income Budgets

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11
Q

What is the specific ability of an entity (person or organization) or resource, measured in quantity and level of quality, over an extended period?

A

Capacity

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12
Q

What type of accounting is done asa cash transactions occur, in which bills are paid on the basis of the amount of cash available?

A

Cash accounting

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13
Q

What compares the cost of a “market basket” of goods and services to a time in the past?

A

Consumer Price index

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14
Q

What is the most obvious cycle observed in a business operation that uses resources or inputs that have been purchased, processing them to produce a good or service?

A

Cycle of Operations

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15
Q

What are costs that directly relate to providing goods and services?

A

Direct Cost

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16
Q

What types of goods can be placed in inventory and gradually used as demanded by the consumer?

A

Durable goods

17
Q

What provides information regarding the degree to which the output goals have been achieved through customer comments, data that is recorded, etc?

A

Feedback control system

18
Q

What are expenses that do not vary with increases or decreases in volume?

A

Fixed costs

19
Q

What shows the interrelationships of systems and subsystems

A

General system

20
Q

Statement including the preplanned budget of income and expenses

A

Income and expense statements

21
Q

What costs recognize services to the total effort such as housekeeping, security, training, human resource management, and grounds department that are supporting the overall effort?

A

Indirect cost

22
Q

What provides energy or resources that will be acted upon to provide a good or service

A

Inputs

23
Q

What reflects the cost of producing just one more meal or one less meal and may be used in decision-making regarding increasing or decreasing capacity in terms of the average cost?

A

Marginal Cost

24
Q

The good or service produced from the inputs and process are _____

A

Outputs

25
Q

Products that cannot be placed in an inventory shelf to wait for the customers order are ______

A

Perishable goods

26
Q

What are the actual things that are done to provide the system output?

A

Processes

27
Q

What is a valuable action, deed, or effort performed to satisfy a need or to fulfill a demand.

A

Service

28
Q

What becomes the benchmark used to judge all other costs in a category, that is used as a based for evaluating efficiency and effectiveness?

A

Standard Cost

29
Q

What is a group of interconnected and interactive parts that performs an important job or task as a component of a larger system.

A

Subsystem

30
Q

What is a valuable action, deed, or effort performed to satisfy a need or to fulfill a demand?

A

System

31
Q

What are expenses that do vary directly with output volume?

A

Variable costs

32
Q

What type of budget shows expected major purchases and when they will be made?

A

Capital Budget

Financial Management (8 decks)

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