Unit 3 Accounting And Stuff Flashcards
What is an accounting
The process of recording, analyzing and interpreting the financial or economic activities of a business
What are the two types of accounting
Financial and management
What does a financial accountant do
The process of recording and analyzing information about the finances of an organization to make decisions about the company
What does a management accountant do
Accounting practices used in cooperations to make Interno decisions about the company
What are financial activities in business is recorded as
Transactions
What are transactions
Recording of something of value for something else of value for example the company pays 9/hr to employees for work
Define a bookkeeping
The recording of all transactions for a business in a specific format
What is the principle that each transaction involves two changes called
Double entry
What is generally accepted accounting principles
Guidelines developed by professional accountants for the wayaccounting records and financial statements are prepared. Financial records are presented in a standard form
What are financial statements
Formal documents that
Give examples of finance worth
Money, spending, expenses, merges and costs
What is a fiscal year
A period of 12 consecutive months
What are assets
Things of value to the business or person owns
What are liabilities
Debts or amounts of money that are owned to others by an individual or business
What is a balance sheet
A statement of net worth of certain date
How to calculate owners equity
The difference between what assets and liabilities
What is owners equity
The owners investment in the business or the financial portion of the business that belongs to the owners or shareholders
What is another word for net worth
Owners equity
How to calculate total assets
Assets equal liabilities plus owners equity
What must the two sides of the equation be
Balanced
What is Accounts Receivable
An asset. Money owed by customers to a business
What are accounts payable
A liability. Debts the business goes to another business
What is mortgage payable
A liability. The mortgage on the building
What is an income statement
The financial statement that shows the businesses profit or loss over stated fiscal year
What is income statement required for
Income tax, and helps answer but the balance sheet is not
What is the definition of revenue
The money, or the promise of money, received from the sale of goods or services
What are expenses
Expenditures that help the business generate revenue. They have already been paid [liabilities have not]
What difference between expenses and liabilities
Expenses have been paid and liabilities have not
What are the three different leadership styles
Autocratic, laissez-fair, democratic
What is the difference between the three different leadership styles
Autocratic is when the leader makes all the decisions, the next one is when the leader gives free reign, democratic is when people out to vote
What is international business
All the business transactions necessary for creating, shipping and selling goods and services across national borders
What is domestic transaction
The sound of items produced in the same country
What is international business also called
International trade
What is international transaction
The selling of items produced in other countries. These items contribute to the global economy
What are the benefits for businesses involved in international trade
Access to markets, cheaper labor, increased quality of goods, access to resources, increased quantity of goods
What is a global product
Standardized item such as pencils cameras and soccer balls
What are joint ventures
Went to companies create a third entity, can match the skills and expertise of two different individuals or businesses to generate more benefits for both parties
What are the five p’s of international business
Product, price, proximity, preference, promotion
What is promotion
Like marketing
Describe product in the five p’s international business
A country’s resources in terms of goods and services it produces
What are the barriers of international trade
Tariffs, nontariffed, cost importing and exporting, excise taxes, currensy fluctuations
What are non-tariffs
Controls our standards for the Quality of imported goods sets Ohio for the vendors for into the market, Kimmy license occasion to Sell goods
What is excise taxes
The tax on manufacture, sale or consumption a particular product within a country
What is a surplus
When a country earns more and it pays
What is a deficit
When a country pays more than earns
What is the North American Free Trade Agreement
Came into effect in 1989 and all of North America has free-trade
What is the G8 Or g7 now
Association of the worlds most powerful industrialized democracies they meet annually they deal with economic and political issues and things such as energy employment environment human rights and arms control or discussed
What is net income
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)
What is import
When you bring something in from outside the country
What is export
When you send something outside of your country
What is selling the rights
Inventors can out right so the ownership/rights
What is copyright
the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
What is entrepreneurship
the process of starting a business, a startup company or other organization.
What is venture
starting up a business
What is innovation
make changes in something established, especially by introducing new methods, ideas, or products.
What is invention
create or design (something that has not existed before); be the originator of
