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ACCT 101 > Prelim > Flashcards

Prelim Flashcards

1
Q

the Process of identifying, measuring and communicating Economic Information to
Permit Informed judgment and Decision

A

accounting

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2
Q

Service Activity which Function is to provide
Quantitative Information, primarily financial in nature, about Economic Entities that is Intended to be useful in making Economic
Decisions

A

accounting

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3
Q

an Activity which is Primarily for Money or Profit

A

business

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4
Q

in which duty to public service, not money, is the primary consideration

A

profession

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5
Q

one who takes the risk of putting up a business to produce and sell goods and services

A

entrepreneur

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6
Q

is the element of uncertainty in an outcome

A

risk

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7
Q

a form of Business Organization Conducted for Profit by a single Individual

A

sole proprietorship

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8
Q

Two or more persons bind themselves together
to contribute Money, Property, or Industry
to a Common fund, with the Intention of Dividing the profits among themselves

A

partnership

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9
Q

is an Artificial Being
Created by Operation of Law
having the Right of Succession
and the Powers, Attributes, and Properties
expressly Authorized by Law
or incidental to its existence

A

corporation

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10
Q

Principle of Scientific Management (aka Taylorism): has emerged in the late 1800s to improve economic efficiency.

A

Frederick Taylor

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11
Q

Hawthorne Experiments: he concluded that human factors were more critical to motivating employees to greater levels
of productivity.

A

Elton Mayo

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12
Q

the driving force behind the 1930s research on organizational development and group dynamics

A

Kurt Lewin

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13
Q

in a book called “Motivation and Personality:” he expanded on his hierarchy of needs.

A

Abraham Maslow

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14
Q

“Two-Factor Theory:” also an additional theory of human motivation which included hygiene and motivational
factors

A

Frederick Herzberg

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15
Q

viewed an organization as an organism that could direct its future and improve its capabilities

A

Peter Senge

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16
Q

the Achievement of Organizational Objectives through People and other Resources

A

The management concept

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17
Q

able to minimize wastage of its resources

A

efficient

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18
Q

able to achieve its goals

A

effectiveness

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19
Q

the Process of Establishing Objectives and suitable courses of action Before Taking Action

A

Planning

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20
Q

a Methodical way of Achieving Desired Results

A

Plan

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21
Q

Strategic Planning for Top Management

A

Policies

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22
Q

Intermediate Planning for Middle Management

A

contribution of sub units

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23
Q

Operational Planning for Lower Management

A

specific task with available resources

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24
Q

could be marketing, production, financial, human resources

A

functional areas

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25
Q

could be short and long term (more than one year)

A

time horizon

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26
Q

could be standing (repeated) or single-use plan

A

frequency of use

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27
Q

the Process of Arranging an Organization’s structure and Coordinating its Managerial
Practices and Use of Resources to Achieve its Goals

A

organizing

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28
Q

to Facilitate the Implementation of Plans

A

reason for organizing

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29
Q

the part of the system that has legitimacy and official recognition. It is what is depicted in the
organization chart.

A

the formal organization

30
Q

a Diagram of the organization’s Official Positions and formal Lines of
Authority.

A

organization chart

31
Q

Provides written descriptions of authority relationships, Details the functions
of major organizational units, and Describes job procedures.

A

organization manual

32
Q

Describes Personnel Activities and Company Policies.

A

policy manual

33
Q

degree to which tasks are divided in the organization

A

work specialization

34
Q

refers to the grouping of jobs based on coordination and control of activities

A

Departmentation

35
Q

extent by which organization members are allowed to make [independent] decisions

A

authority pattern

36
Q

the number of subordinates reporting to a supervisor

A

control span

37
Q

linking of organizational activities

A

activity coordination

38
Q

design is based on function

A

functional design

39
Q

design is based on activities which produce goods or services

A

divisional design

40
Q

combination of divisional units and functional departments

A

hybrid design

41
Q

one that implements functional and divisional structures simultaneously in each department

A

matrix design

42
Q

the Process of Monitoring actual Organizational Activities to See that they
Conform to Planned Activities and correcting deviations or flaws

A

controlling

43
Q

Confidential Information Leak

A

data breach

44
Q

unnecessary additions to the workforce

A

hiring more than the required number of employees

45
Q

wrong behavior of business people

A

unethical conduct

46
Q

what has to be achieved must first be determined.

A

establishing performance objectives and standards

47
Q

expressed in terms of money

A

sales targets

48
Q

expressed in terms of quantity and quality

A

production target

49
Q

expressed in terms of rate of absences

A

worker attendance

50
Q

expressed in terms recorded accidents

A

safety records

51
Q

expressed in terms of quantity

A

supplies used

52
Q

adjustments could be made when shortcomings occur.

A

measuring actual performance

53
Q

work done is compared to what the organization seeks to
achieve.

A

comparing actual performance to objectives and standards

54
Q

taking of corrective action when needed.

A

taking necessary actions

55
Q

anticipation and prevention of problems before operations

A

feedforward control

56
Q

measures to detect variances during operations

A

concurrent control

57
Q

information gathering after work completion

A

feedback control

58
Q

the Process of Determining the Available Alternatives and Choosing the Best Solution
that suits a given Problem

A

decision making

59
Q

use of Intuition and Subjective judgment

A

qualitative evaluation

60
Q

use of Rational and Analytical judgment through quantitative techniques

A

quantitative evaluation

61
Q

this is based on three (3) elements called assets, liabilities, and owner’s equity (or
capital)

A

financial position of a business

62
Q

this is based on two (2) elements called revenue and expense

A

financial performance

63
Q

economic resources owned by the business

A

assets

64
Q

debts of the business owing to outside parties

A

liabilities

65
Q

residual right or interest of the owner/s in the entity’s net assets

A

equity or capital

66
Q

Represented by:
Cash, accounts receivable, notes
receivable, merchandise, supplies, land,
furniture, equipment, building, machinery

A

assets

67
Q

Identified by the word “payable” – hence,
represented by:
Accounts payable, notes payable, loans
payable and mortgage payable

A

liabilities

68
Q

investments made by
the owner

A

owner’s capital

69
Q

used when there is
recovery of investment in the assets of
the business through personal
withdrawal by the owner

A

owner’s drawing

70
Q

refer to how an accountant sees a business

A

assumptions

71
Q

rules on recording and presenting business transactions

A

principles

72
Q

these are the limitations of accounting; sometimes accounting cannot provide all information needed by a user

A

constraints

ACCT 101 (2 decks)

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