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87 Cards in this Set
- Front
- Back
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• WHAT IS ACCOUNTING? WHO USES THE INFORMATION?
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Accounting- comprehensive system for collecting, analyzing, and communicating finical information
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• CONTROLLER / CHIEF ACCOUNTING OFFICER
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Controller- person who manages all of the firm’s accounting activities
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• FINANCIAL ACCOUNTING
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Field of accounting concerned with external users of a company’s financial information
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• MANAGERIAL ACCOUNTING
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Field of accounting that serves internal users of a company’s financial information
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• CERTIFIED PUBLIC ACCOUNTANTS (CPA)
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Accountant licensed by the state and offering services to the public
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• AUDITS, TAX SERVICES, MANAGEMENT ADVISORY
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Audits- systematic examination of a company’s account system to determine whether its financial reports reliably represent its operations
Tax services- assistance provided by CPA’s for tax preparation and tax planning Management advisory- assistance provided by CPA firms in areas such as financial planning, information systems design, and other areas of concern for client firms |
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• WHAT IS GAAP?
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Generally accepted accounting guide lines. Accounting guidelines that govern the content and form of finical reports
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• HOW HAS SARBANES-OXLEY ACT OF 2002 IMPACTED THE FIELD OF ACCOUNTING?
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Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activates in publicly traded corporations
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• PROFIT & LOSS
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Financial statement listing a firm’s annual revenues and expenses so that a bottom line shows annual profit or loss
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• OPERATING COSTS (DIRECT, INDIRECT)
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Costs, other than the cost of revenues, incurred in producing a good or service
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• DIVIDENDS, RETAINED EARNINGS
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Retained earnings- earnings retained by a firm for its use rather than paid out as dividends
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RETAINED EARNINGS + PAID IN CAPITAL
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• OWNERS EQUITY =
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• BALANCE SHEET
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Financial statement that supplies detailed information about a firm’s assets, liabilities, and owners’ equity
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LIABILITIES + OWNERS EQUITY
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• ASSETS =
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• WHEN IS OWNERS EQUITY POSITIVE? WHEN IS IT NEGATIVE?
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Positive when the liabilities are less than owners equity
Negative when the liabilities are greater than owners equity |
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• WHAT IS LIQUIDITY?
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Ease with which an asset can be converted into cash
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• FIXED ASSETS
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Asset with long-term use or value. Such as land, buildings, and equipment
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• DEPRECIATION
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Accounting method for distributing the cost of and asset over its useful time
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• WHAT ARE INTANGIBLE ASSETS?
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Non physical assest, such as a patent or trademark, that has economic value in the form of expected benefit
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• WHAT ARE EXAMPLES OF ACCOUNTS PAYABLE?
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Current liability consisting of bills owned to supplier, plus wages and taxed due within the coming year
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• INCOME STATEMENT
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Financial statement listing a firm’s annual revenues and expenses so that bottom line shows annual profit or loss
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• REVENUES - EXPENSES = PROFIT / LOSS
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Income statement
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• OPERATING INCOME = GROSS PROFIT - OPERATING EXPENSES
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Operating income
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• NET INCOME = OPERATING INCOME - INCOME TAXES
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Net income/ net earnings
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• STATEMENTS OF CASH FLOWS
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Financial statement describing a firm’s yearly cash receipts and cash payments
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• REVENUE RECOGNITION
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Formal recording and reporting of revenues at the appropriate time
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• FULL DISCLOSURE
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Guidelines that financial statements should not include just numbers but should also furnish management’s interpretations and explanations of those numbers
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• WHAT IS THE IMPACT OF INFO TECHNOLOGY ON BUSINESS?
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It allows for business to work more effectively due to e-commerce
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• WHAT IS E-COMMERCE?
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Use of the internet and other electronic means for retailing and business-to-business transactions
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• WHAT IS THE INTERNET?
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A gigantic system of interconnected computers- more than 100 million computers in 100 million countries
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• WORLD WIDE WEB
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Branch of the internet consisting of interlinked hypertext documents, or web pages
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• HTTP
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Communications protocol used for the world wide web, in which related pieces of information on separate web pages are connected using hyper links
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• EMAIL
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Electronic mail
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• SMTP - Simple Mail Transfer Protocol
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Basic communications protocol used to send e-mail
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• POP - Post Office Protocol
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One of the basic communications protocols used to receive e-mail
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• INTRANET
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Organizations private network of internally linked web sites acceible only to employees
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• EXTRANET
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A system that allows outsiders limited access to a firm’s internal information network
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• WANS
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Computers that are linked over long distances through telephone lines, microwave signals, or satellite communications
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• LANS
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Computers that are linked in a small area, such as all the firm’s computers within a single building
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• WI-FI / HOTSPOTS
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Network that uses airborne electronic signals instead of wires to link computers and electronic devices over long distances
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• HARDWARE
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Physical components of a computer network such as keyboards, monitors, system units, and printers
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• SOFTWARE
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Programs that tell the computer’s hardware what resources to use and how to use them
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• DATA / INFORMATION / KNOWLEDGE / WISDOM
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Data- raw facts and figures that, by themselves, may not have much meaning
Information- Meaningful useful interpretation of data |
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• DATA WAREHOUSING
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The collection, storage, and retrieval of data in electronic files
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• DATA MINING
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The application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information
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• INFORMATION SYSTEMS
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(IS) system that uses IT resources to convert data into information and to collect, process, and transmit that information for use in decision making
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• HACKERS
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Cyber criminal who gains unauthorized access to a computer of network, either to steal information, money, or property or to tamper with data
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• IDENTITY THEFT
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Unauthorized use of personal information (such as social security number and address) to get loans, credit cards, or other monetary benefits by impersonating the victim.
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• INTELLECTUAL PROPERTY THEFT
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Something produced by the intellect or mind that has commercial value
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• SPYWARE
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Program that unknowingly downloaded by users ta
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• SPAM
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Junk e-mail sent to a mailing list or a news group
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• FIREWALLS
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Security system with special software or hard ware devices designed to keep computers safe from hackers
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• ANTI-VIRUS, ANTI-SPYWARE, ANTI-SPAM SOFTWARE
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Product that protects systems by searching incoming e-mails and data files for “signatures” of a known viruses and virus- like characteristics
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• ENCRYPTION SOFTWARE
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software that assigns an e-mail messages to a unique code number (digital fingerprint) for each computer so only the computer, not others, can open can read the message
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• DEFINITION OF LEADERSHIP
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The processes and behaviors used by someone, such as a manage, to motivate, inspire, and influence the behaviors of others
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• THE DIFFERENCE BETWEEN LEADERS AND MANAGERS?
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When exacuting a plan a manager focus on monitoring results and notice deviations. A leader will focus on energizing the people to over come hurdles to reach goals
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• TYPES OF LEADERS / CAN ONE LEADER BE MULTIPLE TYPES?
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• Transformational - lead for change, create a vision to guide change and execute effectively
• Transactional - management of routine, regimented activities, lead for stability • Charismatic - attractive personalities that envisions, energizes, and enables others • Coaching - select, train, mentor • Strategic - understands complexities of organization & environment to lead change (SWOT) • Ethical - practice high ethical standards & be accountable for these standards • Virtual - be effective without having lots of face to face interaction • LEADERSHIP & DECISION MAKING |
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• INTUITION
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Innate belief about something. Often without conscious consideration
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• ESCALATION OF COMMITMENT
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Condition in which a decision maker becomes so committed to a course of action that she or he stays with it even when it appears to have been wrong
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• JOB ANALYSIS
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Systematic analysis of jobs within and organization
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• JOB DESCRIPTION
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Description of the duties and responsibilities of a job. Its working condition, and the tools, materials, equipment, and information used to perform it.
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• JOB SPECIFICATION
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Description of skills. Abilities, and other credentials and qualifications required by a job
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• RECRUITING
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Process of attracting qualified persons to apply for jobs and organizations is seeking to fill
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• EXTERNAL
recruiting |
Process of attracting persons outside the organizations to apply for jobs
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• INTERNAL
recruiting |
Process of conserving present employees as cadidates for openings
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• PERFORMANCE APPRAISAL
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Evaluation of an employees’ job performance in order to determine the degree to which the employee is performing effectively
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• COMPENSATION & BENEFITS
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Compensation system -Total package of rewards that organizations provide to intervals in return for their labor
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• WAGES
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Compensation in the form of money paid for time worked
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• SALARIES
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Compensation in the form of money paid for discharging the responsibilities of a job
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• INCENTIVE PROGRAMS
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Special compensation program designed to motivate high performance
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• BONUS
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Individual performance incentive in the form of a special payment made over and above the employees’ salary
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• MERIT / PAY FOR PERFORMANCE / VARIABLE PAY
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Merit- individual incentive linking compensation to performance in non-sales jobs
Pay for performance (variable pay)- individual incentive that rewards a manager for especially productive output |
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• PROFIT SHARING
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Incentive plan for distributing bonuses to employees when company profits rise above a certain level
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• GAINSHARING
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Incentive plan that rewards groups for productivity improvements
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• PAY FOR KNOWLEDGE
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Incentive plan to encourage employees to learn new skills or become proficient at different jobs
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• BENEFITS
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Compensation other than wages and salaries
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• WORKERʼS COMP
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Legally required insurance for compensating works injured on the job
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• EQUAL EMPLOYMENT OPPORTUNITY COMMISSION (EEOC)
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Federal agency enforcing several discrimination- related laws
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• AFFIRMATIVE ACTION
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Written statement of how the organizations intends to actively recruit, hire, and develop member of relevant protected classes
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• EMPLOYMENT AT WILL
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Principle, increasingly modified by legislation and judicial decision, that organizations should be able to retain or dismiss employees at their discretion
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• QUID PRO QUO
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Form of sexual harassment in which sexual favors are requested in return for job-related benefits
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• WORKFORCE DIVERSITY
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The range of workers attitudes, values, beliefs, and behaviors that differ by gender, race, age, ethnicity, physical ability, and other relevant characteristics
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• KNOWLEDGE WORKERS
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Employees who are of value because of the knowledge the possess
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• CONTINGENT WORKERS
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Employee hired on something other than a full-time basis to supperment an organizations permanent workforce
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• LABOR UNION
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Group of individuals working together to achieve shared job- related goals, such as higher pay, shorter working hours, more job security, grater benefits, or better working conditions.
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• LABOR RELATIONS
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Process of dealing with employees who are represented by a union
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• COLLECTIVE BARGAINING
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Process by which labor and management negotiate conditions of employment and draft a labor contract for union- represented workers
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