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accounting comps
Question | Answer |
---|---|
assets | resources owned by a business ( cash, equip, etc) |
liabilities | debts or obligations (loans, accounts payable) |
retained earnings | profits kept in the company (not paid out as) |
separation of duties | split tasks among employees ( dividends) |
FC, fixed costs | do Not change with production (rent) |
VC, variable costs | change with production ( raw materials) |
BS, balance sheet | assets, liabilities, equity at point in time Assets= liabilities + equity |
IS, income statement | revenue and expenses over a period Net Income= rev-expenses |
calculating retained earnings | beginning retained earnings + NI - dividends = ending RE |
Database | collection of data |
BI, business intelligence | tools to analyse data and make sense |
telecommunications | communication over networks ( internet etc) |
systems analysis and design | process of creating and improving systems |
e- commerce | buying and selling goods online |
IS security | protecting data |
hardware / software | physical vs programs |
supply chain | flow of goods, info, services |
ERP, enterprise resource planning | integrated software |
IT strategy | planned approach to leveraging information technology |