Exam 3 Flashcards
HR
-hiring
-firing
-benefits
-training
Payroll
-paying employees
-taxes
-withholdings
-retirement
Onboarding
-extend offer
-background check
-start date
-orientation/ set up
Termination
-exit checklist
-exit interview
-disable electronic stuff
Inventory purchasing
-Inventory Control: determines ideal amount
-Purchasing: gets quote
-Purchasing: places orders
-Reveiving: reveives
-AP: Pays for it
Purchasing Fixes assets
-Purchase made by an authorized user based on price
-Received, tagged, and recorded
-reconciliation
Credit payment
-Purchase Order
-Receiving Report
-Invoice
-Pay vendor
-Update Journal
Conversion Process Order
-Product Development
-Production Planning
-Production Scheduling
-Manufacturing Operations
-Quality Management
Product Development
-Bill of Materials: Everything you need
-Bill of Operations: how product is made
Master Production Schedule
-Planning
-Outlines scheduled operations
-Includes materials
Manufacturing Operations
-Job time tickets
-Production reports (summarizes costs)
Quality Managment
-Testing product meets regulations
Product Cost
Directly related to production DM, DL, OH
Period Costs
Expenses associated with admin, sales, etc.
Revenue Recognition Model
Step 1: Contract
Step 2: Obligations
Step 3: Price
Step 4: Allocate price
Step 5: Recognize Revenue
Fundamental Characteristics
-Relevance
-Faithful Repersentation
Enhancing Characteristics
(less important)
-Comparability
-Verifiability
-Timeliness
-Understandability
Steps to generate financial statements
-Journalize transactions
-Legers and unadjusted trial balance
-General ledger and adjusted trial balance
-financial statments
XBRL
Extensible Business Reporting Language: tags financial information
