Accounting

Planning, performing, evaluating

3 phases of business

Physically controlling assets and documents

A burger shop requires employees to ring up sales and place all cash receipts in the cash register. This is an application of what internal control

Maintaining adequate documents and records

All the checks used by Graphics, Inc. to pay bills are renumbered. This is an application of what internal control

Certified public accountant

An accountant who has the legal authority to attest to the fair presentation of information in the financial statements of any company

Employees

An example of an external stakeholder

Management

An example of an internal stakeholder

Internal perspective

Customers response time is a part of what balanced scorecard perspectives

IFRS

Financial accounting standards that define what constitutes acceptable accounting practice for financial reporting worldwide are referred to as

International accounting standards board

IFRS are produced by

International financial reporting standard

IFRS stands for

Scrutiny

Identifying incompatible duties is divided into four phases, what is not one of the four phases

Operating plans

Plans showing business activities intended to accomplish objectives during the next year are referred to as

Internal control perspective

The balanced scorecard approach has four perspectives, what is not one of those perspectives

IASB

The body responsible for establishing international accounting standards today is the

Separating incompatible duties

The bookkeeper who records cash receipts also deposit daily cash receipts at the bank on his way home form work. This is a violation of which of the following characteristics of good internal control

Marketing

The business function designed to determine the wants and needs of consumers is referred to as

Finance

The business function which is responsible for managing a company's capital resources is referred to as

Financing and investing activities

The capital resources process features which of the following pairs of activities

Requiring proper authorization

The controller of Allitron, inc. is one of two individuals in the company allowed to sign checks. this is an application of what internal control

Learning and growth perspective

The cost and effectiveness of research and development is a part of what balanced scorecard perspectives

Accounting and information systems

The function of business responsible for providing the information used by other functional areas to perform their jobs is referred to as

Financial accounting standards board

The organization responsible for setting U.S. external financial reporting practice is

Return on owners equity

The profitability generated by the net assets of a corporation would be best measured by the

GAAP

The statements of financial accounting standards, and other authoritative pronouncements that define what constitutes acceptable accounting practice for financial reporting are collectively referred to as

CAM

This computer assisted technique improves the speed and precision of the production process

Prevention and appraisal cost

What combination of quality measurement costs are incurred voluntarily

CAD

What computer assisted technique tests products before they are produced

Quick ratio

What measures the liquidity of a company

Quick ratio

What ratio is not a part of the internal perspective

Return on investment

What ratio measures the profitability of the money invested in the firm's assets

Flexible strategy

What strategy focuses mainly on developing new products to meet rapidly changing consumer demand

Efficiency strategy

When a company operates in a more certain environment it tends to focus inward and have a

Limited partnership

Which of the following business organizations has general partner(s) and limited partners that hav limited liability?

Limited liability corporation

Which of the following has limited liability for all owners and is not subject to double