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accounting comps

QuestionAnswer
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
Created by: lilymillsaps
Popular Accounting sets

 

 



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