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FUNDEMENTALS OF BUSN > Final > Flashcards

Final Flashcards

1
Q

Financial Accounting

A

the branch of accounting that
addresses the needs of
external stakeholders

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2
Q

IFRS

A

International financial reporting standards
accounting standards that
are used in the preparation
of financial statements

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3
Q

IFRS accountants ensure financial statements

A

Consistent
Reliable
Comparable
Relevant

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4
Q

Assets =

A

Liabilities + Owner’s Equity

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5
Q

Balance sheet

A

summarizes a firm’s financial position at a specific point in time

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6
Q

Net income=

A

Revenue-Expenses

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7
Q

Income Statement

A

summarizes a firm’s operations over a given period of time in terms of profit and loss

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8
Q

Statement of Cash Flow big 3

A

Operations
Investing
Financing

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9
Q

Statement of retained earnings

A

reports how retained earnings have changed

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10
Q

Shareholders’ equity statement

A

reports how net income and dividends affect retained earnings

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11
Q

also look at these when looking at financial statements

A

Auditor’ report
Notes to financial statements
Comparative statements

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12
Q

Managerial accounting

A

provides reports and analysis to managers to help them make informed decision

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13
Q

Managerial accountant responsibilities

A

Determining product costs
Performing incremental analysis
Developing budgets

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14
Q

Product Costing

A

managers assign costs to the products and services

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15
Q

Direct costs can be

A

directly traced to production

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16
Q

Indirect costs are the result of

A

general operations

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17
Q

Activity-Based costing

A

a technique used to assign product costs based on links between activities that drive costs and the production of specific goods

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18
Q

Incremental analysis

A

evaluates the financial impact of different alternatives in a decision making situation

Do or outsource?

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19
Q

Budgeting

A

Outlines how ressources will be used to meet goals
Translates goals into measurable quantities and identifies resources
Communication and coordination among managers and employees
Motivates achievement of goals
Monitors progress

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20
Q

Operating budgets

A

identify sales and production goals
- Sales budget
- Production budget
- Direct labour

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21
Q

Financial budgets

A

focus on firm’s financial objectives
-Cash budget
-Capital budget

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22
Q

Top down budgeting

A

top management prepares budget with little or no input from middle and supervisory managers

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23
Q

Bottom up or participatory budgeting

A

middle and supervisory managers actively participate

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24
Q

Master Budget

A

brings together all of the budgets to represent the overall plan

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25
M1 money supply
all currency + chequing accounts and traveller's cheques
26
M2 money supply
M1 + plus savings accounts, money market accounts and certificates of deposit
27
BOC
-Manages Canada's monetary policy -Provides banking services for other banks and the government -Coordinates the cheque clearing process -Maintains the federal gov chequing account -keeps the currency supply in good condition
28
Fundamental Rights of capitalism
-The right to own a business and keep after tac profits -The right to private property -The right to free choice -The right to fair competition
29
4 degrees of competition
Pure competition Monopolistic competition Oligopoly Monopoly
30
Supply
relationship between price of a good and the quantity that suppliers will offer for sale
31
Supply curve
a graph of supply curve(upwards)
32
Demand
Relationship between the price of a good and the quantity buyers will buy
33
Demand curve
a graph of the demand curve relationship (downward)
34
Equilibrium
meeting point market adjusts to it
35
Planned economy
Socialism and Communism
36
Socialism
gov controls key enterprises higher taxes to distribute wealth
37
Communism
public ownership of all enterprise strong central government
38
Measures to evaluate Economic performance
GDP Employment level Business cycle Price levels Productivity
39
Business cycle:
Peak contraction trough recovery expansion peak
40
Inflation
prices rising
41
Hyperinflation
average price increase 50% per month
42
Disinflation
Increase slow down
43
Deflation
avrg prices decrease
44
Human ressource management
maximizing the effectiveness of the workforce
45
Human ressource mgmt pt 2
-Recruiting world-class talent -Promoting career development -Boosting organizational effectiveness
46
Strategic Planning
-Recruitment -Selection -Training -Evaluation -Compensation -Seperation
47
Job analysis
study of jobs within an org
48
Job description
responsibilities
49
Job specifications
requirements for the job
50
Internal recruiting
transferring or promoting employees within company
51
Internal recruiting benefits
-boosts morale -proven track record -has lower recruiting costs
52
external recruiting methods
-Employment websites -Newspaper ads -Trade association -University -Employment agencies
53
Recruiting resources
Employee referrals
54
Selection process
-Application -Interviews -Testing -references and background checks
55
STAR
Situation Task Action Result
56
Contingent workers
Temporary full time Independent contractor On call
57
Training allows for
increase innovation increase tech adoption increase productivity increase motivation decrease liability
58
Orientation
first step in development process Introduce employees to the company culture Strong orientation reduce turnover
59
Other training option
-Computer based -Management development
60
Management development
programs to help current and an potential executives develop leadership skills
61
Performance appraisls
formal feedback that can affect compensation, incentives, promotions, transfers and terminations
62
Compensation based on
-Competition -Contribution -Ability to pay -Cost of living -Legislation
63
Compensation
pay + benefits
64
wages
pay in exchange for the number of hours/days of employee work
65
Salary
the pay for a fixed period
66
Benefits
non cash compensation
67
Pay for performance
-Commission -Bonuses -Profit Sharing -Stock options -Pay for knowledge
68
Optional Benefits
Extra paid vacations Paid sick days Extended health care and dental Retirement programs Product discounts
69
Cafeteria style benefits
employees have a limit but can chose benefits
70
Flexible scheduling
-Flextime (9-5 or 7-3) -Compressed workweek Telecomuting
71
Reasons employees will leave
-Promotion -Hired -Laid off -Transferred -Career Change -Personal reasons
72
Employment Equity Act
aims to achieve equality in the workplace of federally regulated employers that have 100 or more employees
73
Employment standards legislation
defines minimum workplace standards, such as hours of work and minimum wage
74
Top management
articulate vision Establish priorities
75
Middle Management
Facilitate communication Coordinate teams
76
lower
Train, motivate, and evaluate employees Manage daily processes
77
Management Skills
Human Skills Technical Skills Conceptual Skills Time Management Critical Thinking
78
Maslow Hierarchy
-Physiological: livable wage -Safety: job security, health care, safety equipment Social: teamwork, belonging Esteem: promotion, acknowledgement Self-Actualization: Challenging/creative job
79
Theory X
Workers dislike work Fear is motivating People prefer to be directed
80
Theory Y
-Work is natural -different rewards can be motivating -People accept and can seek responsibility - Creativity and ingenuity is distributed in the pop -intellectual capacity of workers is underutilized
81
Job enrichment
Skill variety Task identity Task significance Autonomy Feedback
82
Expectance theory
centers on the relationship among ind effort, performance and reward
83
Equity Theory
centers on how the perception of fairness directly impacts workers motivation
84
Motivation Today
-Range of motivation approaches - Engaged and productive workers -Emphasis on corporate culture -Expanded Incentives -Focus on training and development
85
3 types of planning
Strategic Tactical Operational
86
Strategic Planning
Senior mgmt 5 year frame Ex: buy a company, go public
87
Tactical Planning
Middle management 1 year frame Should we change marketing tactics, should we invest in production equipment
88
Operational planning
First-line management Daily, weekly, monthly How do we schedule employees.
89
Contingency Planning
How do we respond to competitor lowering prices. What happens if there's a fire.
90
Contingency Planning is based focused on
probable and harmful issues
91
Setting the agenda
Define the mission Evaluate competitive position Set goals Create strategies Implement Strategies
92
Gen Y is
Goal driven Now focused Change oriented Tech savvy Diverse Idealistic Fulfillment focused
93
Strong goals are
quantifiable
94
Reason for international trade
Access to factors of production Reduced risk Inflow of innovation
95
Against international trade
Loss of jobs Loss of industries Increase in foreign ownership
96
GATT
General Agreement on tariffs and Trade
97
WTO
World Trade Org promotes international trade and settles trade disputes
98
World bank
provides financial assistance and low interest loans to countries
99
IMF
International Monetary Fund Supports stable exchange rates and facilitates international payments

FUNDEMENTALS OF BUSN (4 decks)

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