Shared Flashcard Set

Details

Business ENterprise final
List
15
Business
Undergraduate 2
04/25/2010

Additional Business Flashcards

 


 

Cards

Term
Types of Accountants:
Definition
1)Private- work withing an orginazation, prepare reports, analyze financial info, budgets, prepare reports, and financial statements (for managers, stakeholders, and owners)
2)Internal Auditors- private, verify accuracy of organizations internal records and validity of accounting procedures. They can find areas of mismanagement, waste, and fraud .
3)Public- provide services to clients on a fee basis. Clients such as individuals, corporations, nonprofit organizations, or government agencies.
4)Government- work for gov. agencies (local, state, and federal levels - IRS, FBI, & other s). Forensic accountants combine normal skills with investigative skills. Investigate white collar crimes (tax evasion, money laundering, and securities fraud). Serve as expert witnesses.
Term
•Customers-Value. Honestly and Communication
Definition
o The right to be safe
o The right to be heard
o The right to choose
o The right to be informed
Term
Role of Financial Standards Accounting Board(FASB) & Generally Accepted Accounting Principles (GAAP) ensure statements are
Definition
1) Relevant-must contain info that helps the user understand the firm’s financial performance.
2) Reliable- info must be objective, accurate, and verifiable.
3) Consistent- financial statements must be based on the same core assumptions and procedures over time. Changes must be clearly identified and described.
4) Comparable- statements must reasonably standardize to track records and compare results.
Term
Universal Ethical standards
Definition
• Trustworthiness
• Respect
• Responsibility
• Fairness
• Caring
• Citizenship
Term
•Investors- Fair stewardship and Full Disclosure
Definition
oLegal Requirements
oResponsible use of Corporate Dollars
oMaximize the value of firm to owners
Term
•Community- Business and the Greater Good
Definition
o Cause-related Marketing
o Corporate philanthropy
o Corporate Responsibility
Term
•Environment- Sustainable Development
Definition
oEnvironment is part of community
oReducing the amount of trash (more important than recycling)
oAlthough consumers support green may not want to risk quality
Term
Responsibility to…
Definition
•Employees- Creating Jobs that Work
•Customers-Value. Honestly and Communication
•Investors- Fair stewardship and Full Disclosure
•Community- Business and the Greater Good
•Environment- Sustainable Development
Term
•Employees- Creating Jobs that Work
Definition
oMeet Legal standards
oWorkplace safety
oMinimum Wage/Overtime requirements
oValue Employees
oProvide Work/Life Balance
Term
Financial Statements
Definition
1) Balance Sheets – summarizes a firm’s financial position at a specific point in time.
2) Accounting Equation: Assets= liabilities + owners equity
a) Assets- things of value the firm owns. (equipment, cash, buildings)
b) Liabilities- how much firm owes to non-owners’. (suppliers, banks, etc)
c) Owner’s Equity- claims the owners have against their firm’s assets.
3) Income Statement- summarizes firms operations over a given period of time in terms of net income. (revenue – expenses= Net income)
a) Revenue- represents increase in amount of assets.
b) Expenses- indicates the cash a firm spends or other or other assets it uses up to carry out the normal business activities.
c) Net Income- profit or loss.
4) Statement of Cash Flow- cash flowing into and out of the firm in 3 types of activities : Operations, investing, and finance.
Term
Human Resource Management: Strategic
Definition
• Seperation
• Recruitment
• Selection
• Training
• Evaluation
• Compensattion/Benefits
• Seperation
Term
Code of Ethics
Definition
• Executive Buy-in
• Clear Expectations
• Integrated Approach
• Global and local
• Whistleblower Support
• Reporting and Enforcement
Term
Other Training Options
Definition
• Off-the –Job Triaining
• Companies employ ad variety of training strategies
• Computer based Training
• On-the-Job Training
• Apprenticeships
• Management Development
Term
Human Reource Management Challenges: Major Hurdles
Definition
• Older Workers
• Younger workers
• Women Workers
• Need for Flexibility
• Wage Gap
• Outsourcing
• Lawsuits
Term
Training and Development: Honing the Competitive Edge
Definition
• Increase innovation
• Increase technology adaption
• Increase prodictity
• Increase motivation
• Decrease liability
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