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Study sets matching "gb 112"

107 terms
GB112
Four reasons new businesses fail
5 Stages of a business Lifecycle
Difference between ethics and social r…
Major stakeholders in a business
Managerial incompetence or inexperience... (hard work alone does…
Startup (idea, raise $$$)... Rapid growth (high demand, lacks co…
Ethics-beliefs about what's right and wrong; based on individ…
Customers (charge fair prices)... Employees (treat workers fairl…
Four reasons new businesses fail
Managerial incompetence or inexperience... (hard work alone does…
5 Stages of a business Lifecycle
Startup (idea, raise $$$)... Rapid growth (high demand, lacks co…
57 terms
GB112
Primary goal of a business
Business cycle
4 reasons why a business fails
Importance of Ethics and social respon…
Maximize ownership wealth
Start up, growth, maturity, decline, death/rebirth
1. Managerial incompetence... 2. Neglect (not enough time)... 3. We…
Take into account all stakeholders (anyone who is affected by…
Primary goal of a business
Maximize ownership wealth
Business cycle
Start up, growth, maturity, decline, death/rebirth
72 terms
GB112
Objectives of a Business
Major Functional Areas of a Business
Stakeholder
General Partner
Profitability, Social Responsibility, Ethical Behavior
1. Business development/R&D- identify opportunities, build co…
Someone who has invested money into something, or who has som…
-Owned by two or more partners... Pros: Easier to get funding wi…
Objectives of a Business
Profitability, Social Responsibility, Ethical Behavior
Major Functional Areas of a Business
1. Business development/R&D- identify opportunities, build co…
18 terms
GB 112
1. LHD... 2. LPV... 3. PHA... 4. CHA... 5. MPV... 6.…
SUPINE... GB SAG LONG AXIS... GB SAG FUNDUS…
Gallbladder is anechoic or nearly anec…
3 mm
GB protocol
Describe the GB in sonographic terms.
Normal gallbladder wall thickness
1. LHD... 2. LPV... 3. PHA... 4. CHA... 5. MPV... 6.…
SUPINE... GB SAG LONG AXIS... GB SAG FUNDUS…
GB protocol
42 terms
GB112
Primary objective of a business
importance of ethics and social respon…
term ethics and ethical business polic…
term social responsibility
- primary objective of a business is to make money for the ow…
...
- ethics: beliefs about what is right and wrong or good and b…
social responsibility refers to overall way in which a busine…
Primary objective of a business
- primary objective of a business is to make money for the ow…
importance of ethics and social respon…
...
67 terms
GB 112
Fair trade
consumerism
whistleblower
insider trading
export-dependent farmers in developing/3rd world countries re…
social activism dedicated to the rights of consumers in their…
employee who discovers/attempts to end a company's unethical/…
using confidential info to gain an advantage in purchasing/se…
Fair trade
export-dependent farmers in developing/3rd world countries re…
consumerism
social activism dedicated to the rights of consumers in their…
53 terms
GB 112
Be able to explain the primary objecti…
Be able to explain the business cycle
Be able to list and explain the four r…
Be able to explain the importance of e…
Maximize ownership wealth
-Startup... -Growth... -Maturity... -Decline... -Death/Rebirth
1) Insufficient capital... 2) Managerial incompetence or inexper…
Take into account all stakeholders (anyone who is affected by…
Be able to explain the primary objecti…
Maximize ownership wealth
Be able to explain the business cycle
-Startup... -Growth... -Maturity... -Decline... -Death/Rebirth
51 terms
GB 112
list and explain the major functional…
Stakeholder
General partnership
Sole Proprietorship
-R&D—to identify opportunities, build the company's expertise…
individuals or groups who are directly affected by the action…
Owned by two or more partners ... Pro: Easier to get funding wit…
One person, sole control Pro: Independence... Make own decisions…
list and explain the major functional…
-R&D—to identify opportunities, build the company's expertise…
Stakeholder
individuals or groups who are directly affected by the action…
36 terms
GB 112
Accounting
Financial Accounting
Management accounting
accounting equation
information system that measures business activities, process…
provides information for decision makers outside the entity,…
provides information for managers of The Gap, Inc.
the most basic tool of accountings: Assets = Liabilities + Ow…
Accounting
information system that measures business activities, process…
Financial Accounting
provides information for decision makers outside the entity,…
33 terms
GB 112
Fair trade
consumerism
whistleblower
insider trading
export-dependent farmers in developing/3rd world countries re…
social activism dedicated to the rights of consumers in their…
employee who discovers/attempts to end a company's unethical/…
using confidential info to gain an advantage in purchasing/se…
Fair trade
export-dependent farmers in developing/3rd world countries re…
consumerism
social activism dedicated to the rights of consumers in their…
113 terms
GB 112
Three objectives of a business
Profitability
Total Return
Social Responsibility
1) Profitability 2)Social Responsibility 3) Ethical Behavior
Maximize shareholder wealth
(End Price-Beginning Price)/Beginning Price
The overall way a business balances stakeholders and individu…
Three objectives of a business
1) Profitability 2)Social Responsibility 3) Ethical Behavior
Profitability
Maximize shareholder wealth
28 terms
GB 112
PV
FV
I
N
Present Value
Future Value
Interest Rate
Number of Compounding Periods
PV
Present Value
FV
Future Value
23 terms
GB112 Exam 2
Journal Entry Steps for good form
Normal Balance for assets
Normal balance for liability
Normal balance for stockholders equity
1) Identify account... 2) classify account (asset, liability etc…
Debit
Credit
Credit
Journal Entry Steps for good form
1) Identify account... 2) classify account (asset, liability etc…
Normal Balance for assets
Debit
37 terms
GB112 Exam 1
What is the primary objective of busin…
Four Reasons New Businesses Fail
Ethics
Social Responsibility
to maximize ownership weath
1. managerial incompetence or in experience... 2. Neglect... 3. Wea…
beliefs about what is right and wrong based on an individual'…
refers to the overall way a business attempts to balance its…
What is the primary objective of busin…
to maximize ownership weath
Four Reasons New Businesses Fail
1. managerial incompetence or in experience... 2. Neglect... 3. Wea…
85 terms
GB 112 Test 1
Primary objective of a buisness
Business Cycle
Business Cycle- Start-up
4 reasons businesses fail
maximize ownership (shareholder wealth)
1. Start-up... 2. Growth... 3. Maturity... 4. Decline... 5. Death or Rebi…
- starts with the idea of a product or service ... - financing m…
1. Managerial Incompetence or Inexperience... 2. Neglect ... 3. Wea…
Primary objective of a buisness
maximize ownership (shareholder wealth)
Business Cycle
1. Start-up... 2. Growth... 3. Maturity... 4. Decline... 5. Death or Rebi…
GB112
temporary accounts
Permanent accounts
Closing Process journal entries
Cost of Goods Sold Journal Entries
close at the end of a period... Revenues... Expenses... Dividends
never closed... Assets... Liabilities... Stockholder's Equity
Debit Revenue xxx... Credit Retained Earnings xxx ... Debit Retain…
1. Cash -- debit ... Sales Revenue -- Credit... 2. Cost of Goods…
temporary accounts
close at the end of a period... Revenues... Expenses... Dividends
Permanent accounts
never closed... Assets... Liabilities... Stockholder's Equity
94 terms
GB112
ethics
ethical behavior
unethical behavior
business ethics
beliefs about what is right and wrong or good and bad in acti…
behavior conforming to generally accepted social norms concer…
behavior that does not conform to generally accepted social n…
ethical or unethical behaviors by employees in the context of…
ethics
beliefs about what is right and wrong or good and bad in acti…
ethical behavior
behavior conforming to generally accepted social norms concer…
65 terms
GB112 First Exam
Stakeholders
Small Business Contributions
Entrepreneurs
Crafting a Business Plan
Customers, employees, local community, government, suppliers,…
Job creation, innovation, contribute to big businesses
People who assume the risk and opportunities involved in crea…
Setting goals and objectives, sales forecasting, financial pl…
Stakeholders
Customers, employees, local community, government, suppliers,…
Small Business Contributions
Job creation, innovation, contribute to big businesses
94 terms
GB 112 - Exam 1
Maximizing wealth
4 reasons new businesses fail
Ethics
Social Responsibility
What is the primary objective of a business
1. Managerial Incompetence/inexperience... 2. Neglect... 3. Weak co…
"beliefs about what's right and wrong...based on an individua…
"the overall way a business attempts to balance its commitmen…
Maximizing wealth
What is the primary objective of a business
4 reasons new businesses fail
1. Managerial Incompetence/inexperience... 2. Neglect... 3. Weak co…
28 terms
GB 112 Exam 1
Social Responsibility
Business Cycle
4 Reasons Businesses Fail
Preferred Stock
How a business attempts to balance its commitments
Startup... Rapid Growth... Maturity... Decline... Rebirth/Death
Neglect... No skills... Weak control systems... Not enough money
-No voting rights... -Dividends are fixed... -Sold in exchanges on…
Social Responsibility
How a business attempts to balance its commitments
Business Cycle
Startup... Rapid Growth... Maturity... Decline... Rebirth/Death
79 terms
GB112 Terms
Ethics
Ethical behavior
Unethical behavior
Business ethics
beliefs about what's right and wrong; based on individual val…
behavior that conforms to individual beliefs and social norms…
behavior that conforms to individual beliefs and social norms…
ethical or unethical behaviors by employees and managers in t…
Ethics
beliefs about what's right and wrong; based on individual val…
Ethical behavior
behavior that conforms to individual beliefs and social norms…
11 terms
GB112 Exam 2
FV of lump sum
compounding
Rate
Number of periods
what a cash flow will be worth in the future
interest paid on investment added to principle, second period…
interest earned on investment
how many times the investment compounds during its life
FV of lump sum
what a cash flow will be worth in the future
compounding
interest paid on investment added to principle, second period…
86 terms
GB 112 EXAM !
if bond price< $1000 the bond is selli…
if bond price is > $1000 the bond is s…
YTM
if a bond's riskiness increases
discount, YTM>Coupon Rate
premium YTM<Coupon Rate
rate of return required by the investors
bond price decreases, investors require higher return
if bond price< $1000 the bond is selli…
discount, YTM>Coupon Rate
if bond price is > $1000 the bond is s…
premium YTM<Coupon Rate
106 terms
GB112 Exam 1
companies set up and enforce _________…
multiple companies collaborate on wron…
requires chief financial officers to g…
4 reasons why new businesses succeed
code of conducts
collusion
Sarbanes-Oxley Act (of 2002 (SOX)
1. hard work... 2. demand for the good/service... 3. managerial com…
companies set up and enforce _________…
code of conducts
multiple companies collaborate on wron…
collusion
85 terms
GB112 Final
Primary objective of business
Business cycle
4 reasons businesses fail
Ethics
maximize ownership wealth
start up--rapid growth--maturity--decline--rebirth/debt
1) managerial incompetence... 2) neglect... 3) weak controls... 4) ins…
right/wrong based on individual values/morals
Primary objective of business
maximize ownership wealth
Business cycle
start up--rapid growth--maturity--decline--rebirth/debt
68 terms
GB 112 Exam 1
unearned revenue
account receivable
accounts payable
advertising expense
Liability... Balance Sheet
Asset... Balance Sheet
Liability... Balance Sheet
Expense Income Statement
unearned revenue
Liability... Balance Sheet
account receivable
Asset... Balance Sheet
10 terms
GB112 Exam 1
Sarbanes-Oxley Act of 2002 (SOX)
SOX (Section 201)
SOX (Section 203)
SOX (Section 206)
-"Company Accounting Reform and Investor Protection Act"... -reg…
unlawful for public accounting firm to provide any non-audit…
lead audit or coordinating partner and the reviewing partner…
CEO, Controller, CFO, or Chief Accounting Officer (or equival…
Sarbanes-Oxley Act of 2002 (SOX)
-"Company Accounting Reform and Investor Protection Act"... -reg…
SOX (Section 201)
unlawful for public accounting firm to provide any non-audit…
23 terms
GB 112 Final Cards
On the Cash Flow Statement what goes o…
On the Cash Flow Statement what goes o…
On the Cash Flow Statement what goes o…
Historical Cost Principle
Short-Term items (day to day transaction)
Anything relating to investing for benefit of the company
Anything relating to Stock (market (dividend)) and long-term…
Balance and income statement are recorded accurately
On the Cash Flow Statement what goes o…
Short-Term items (day to day transaction)
On the Cash Flow Statement what goes o…
Anything relating to investing for benefit of the company
120 terms
GB 112 EXAM #1
Primary Objective of a business
Ethics
Tone at the top
Approaches to ethical business practices
To maximize shareholder wealth-want to see a return on their…
beliefs of what is right or wrong or good and bad in actions…
employees get their ethical cues from top management-must lea…
1. Tone at the top... 2. Develop ethical/written codes... 3. Instit…
Primary Objective of a business
To maximize shareholder wealth-want to see a return on their…
Ethics
beliefs of what is right or wrong or good and bad in actions…
21 terms
GB 112 EXAM 2
assets
liabilities
stockholder's equity
expenses
debit: increase ... credit: decrease
debit: decrease... credit: increase
debit: decrease... credit: increase
debit: increase ... credit: decrease
assets
debit: increase ... credit: decrease
liabilities
debit: decrease... credit: increase
24 terms
GB112 2nd Midterm
A business owner sold land for 20,000…
A business owner receives 3,000 cash f…
which one does not have a normal credi…
The entire group of accounts maintaine…
No change
Assets increase by 3,000 and stockholders equity increases by…
assets
chart of accounts
A business owner sold land for 20,000…
No change
A business owner receives 3,000 cash f…
Assets increase by 3,000 and stockholders equity increases by…
59 terms
First Exam of GB 112 2015
Financial Statements
Balance Sheet
Assets
Liabilities
Financial statements are general purpose, external financial…
reports the amounts of assets, liabilities, and stockholders'…
resources, things owned, and prepaid or deferred expenses; ex…
obligations and deferred revenues; examples include accounts…
Financial Statements
Financial statements are general purpose, external financial…
Balance Sheet
reports the amounts of assets, liabilities, and stockholders'…
8 terms
GB 112 Terms
Accounting Cycle
FIFO
LIFO
Compounding Frequency: Annually
Source Documents, Journal Entries, Posting into Ledgers, Tria…
First in first out
Last in first out
N=Years I/Y=i
Accounting Cycle
Source Documents, Journal Entries, Posting into Ledgers, Tria…
FIFO
First in first out
11 terms
GB 112 terms
4 reasons for business failure
4 reasons for new business success
Sole proprietorship
unlimited liability
1)inexperience... 2)lack of time... 3)management of internal affair…
1)Hard work and ambition... 2)Theres a market demand for the pro…
A single owner who takes all the financial risks and reaps al…
legal principle holding owners responsible for paying all of…
4 reasons for business failure
1)inexperience... 2)lack of time... 3)management of internal affair…
4 reasons for new business success
1)Hard work and ambition... 2)Theres a market demand for the pro…
89 terms
GB 112 Book Definitions
Whistle-Blower
Insider Trading
Ethical Norms
Social Responsibility
"employee who detects and tries to put an end to a company;s…
"illegal practice of using special knowledge about a firm for…
1) Utility- is everyone benefiting?... 2) Rights- are rights res…
"the attempt of a business to balance its commitments to grou…
Whistle-Blower
"employee who detects and tries to put an end to a company;s…
Insider Trading
"illegal practice of using special knowledge about a firm for…
17 terms
GB 112 Review
Income Statement
Statement of retained earnings
Balance sheet
Statement of Cash Flows
Revenues - Expenses = Net income... Revenues - COGS = Operating…
Beginning Retained earnings + net income - dividends = Retain…
A = L + E... Current Assets: Cash, Accounts receivable, inventor…
Operating:... Inflows/Outflows of cash that relate to day-to-day…
Income Statement
Revenues - Expenses = Net income... Revenues - COGS = Operating…
Statement of retained earnings
Beginning Retained earnings + net income - dividends = Retain…
115 terms
GB 112 Exam 1
Objectives of a Business
Social Responsibility
Ethical Behavior
Profitability
Social Responsibility, Ethical Behavior, Profitability
overall way a business attempts to balance its commitments to…
based on the beliefs about what is right or wrong based on an…
maximize shareholders wealth through dividend yield and capit…
Objectives of a Business
Social Responsibility, Ethical Behavior, Profitability
Social Responsibility
overall way a business attempts to balance its commitments to…
22 terms
GB 112 Exam 1
Primary objective of a business
Business life cycle
Four reasons businesses fail
Ethics and ethical business policies
make money/maximize profit
5 stages... 1. Startup... 2. Rapid growth... 3. Maturity... 4. Decline... 5.…
inexperience, neglect, weak control system, insufficient capi…
your own values accumulated through experience
Primary objective of a business
make money/maximize profit
Business life cycle
5 stages... 1. Startup... 2. Rapid growth... 3. Maturity... 4. Decline... 5.…
GB 112 - Exam 1
Maximizing wealth
4 reasons new businesses fail
Ethics
Social Responsibility
What is the primary objective of a business
1. Managerial Incompetence/inexperience... 2. Neglect... 3. Weak co…
"beliefs about what's right and wrong...based on an individua…
"the overall way a business attempts to balance its commitmen…
Maximizing wealth
What is the primary objective of a business
4 reasons new businesses fail
1. Managerial Incompetence/inexperience... 2. Neglect... 3. Weak co…
25 terms
GB 112 Exam 1
objective of business
business cycle
4 reasons businesses fail
ethics
optimize shareholder wealth in ethical and social manner
start up, growth, maturity, decline, death or rebirth
inexperience, neglect, weak control systems, insufficient cap…
beliefs about what's right and wrong
objective of business
optimize shareholder wealth in ethical and social manner
business cycle
start up, growth, maturity, decline, death or rebirth
38 terms
GB 112 Exam 1
Corporation... Percent of all business/bu…
Advantages and Disadvantages of Corpor…
Types of Corporations ... - Private... - Pub…
Sole Props
most difficult and costly to start up ... has legal status as se…
Advantages: limited liability (cannot lose more than invested…
Closely held/private- stock held by only a few people and not…
owned and operated by one person... easiest to form ... 74% of all…
Corporation... Percent of all business/bu…
most difficult and costly to start up ... has legal status as se…
Advantages and Disadvantages of Corpor…
Advantages: limited liability (cannot lose more than invested…
44 terms
GB 112 Exam 1
Explain Primary Objective of a business
Explain Business cycle
Four reasons businesses fail and why.
Importance of ethics social responsibi…
1) Profitability- maximize shareholder wealth... 2) Social Respo…
peak... The highest value reached by some quantity in a time per…
1. No knowledge of what is needed to run a business... 2. The ti…
Maintains a social order and keeps everyone at an equal level
Explain Primary Objective of a business
1) Profitability- maximize shareholder wealth... 2) Social Respo…
Explain Business cycle
peak... The highest value reached by some quantity in a time per…
27 terms
GB 112 exam 1
relevance
faithful representation
Entity assumption principle
Historical cost principle
Relatively recent information capable of making a difference…
Information that is complete, neutral, and without material e…
A business and its owners are two separate entities and their…
Assets must be recorded at their historical cost.
relevance
Relatively recent information capable of making a difference…
faithful representation
Information that is complete, neutral, and without material e…
52 terms
GB 112 Final
List the four reasons a business fails
The business cycle:
Ethics
Business Ethics
1. Managerial Incompetence... 2. Neglect... 3. Weak control systems…
Startup, Rapid growth, Maturity, decline, rebirth/ death
Moral philosophy is the branch of philosophy that involves sy…
The study of proper business policies and practices regarding…
List the four reasons a business fails
1. Managerial Incompetence... 2. Neglect... 3. Weak control systems…
The business cycle:
Startup, Rapid growth, Maturity, decline, rebirth/ death
71 terms
GB 112 Exam 1
Major Stakeholders
Customers
Employees
Suppliers
1. Customers... 2.Shareholders/Investors... 3. Employees... 4. Supplie…
-Fair prices... -stand behind quality of products... -truth in adve…
-treat fairly... -respect their dignity and basic human needs... -f…
-fair treatment to suppliers ... -companies be aware of where, h…
Major Stakeholders
1. Customers... 2.Shareholders/Investors... 3. Employees... 4. Supplie…
Customers
-Fair prices... -stand behind quality of products... -truth in adve…
40 terms
GB 112 Exam 1
primary objective of a business
the business cycle
four reasons businesses fail
four reasons businesses succeed
maximize ownership wealth
1. start-up: ideas that involve money to start up the busines…
1. managerial incompetence/inexperience... 2. neglect (time comm…
1. hard work, drive, dedication... 2. market demand... 3. manageria…
primary objective of a business
maximize ownership wealth
the business cycle
1. start-up: ideas that involve money to start up the busines…
95 terms
GB 112 Final Exam
Explain the primary objective of busin…
Explain the importance of ethics and s…
Explain the terms ethics and the ethic…
Explain the term social responsibility
To make money for the owners and maximize shareholder wealth
Ethics and social responsibility must be integrated into maki…
Right/good or wrong/bad actions or behaviors by employees in…
Overall way in which a business attempts to balance its commi…
Explain the primary objective of busin…
To make money for the owners and maximize shareholder wealth
Explain the importance of ethics and s…
Ethics and social responsibility must be integrated into maki…
32 terms
GB 112 Study Guide
List the major stakeholders in a compa…
Explain the different type of business…
Explain Sole Proprietorship
Explain General Partnership
Consumers, Employees, Investors, Suppliers, Communities
Sole Proprietorship, General Partnership, Limited Liability P…
1. Owned and operated by one person... 2. Advantages: Independen…
1. Owned and operated by two or more people... 2. Advantages- Si…
List the major stakeholders in a compa…
Consumers, Employees, Investors, Suppliers, Communities
Explain the different type of business…
Sole Proprietorship, General Partnership, Limited Liability P…
47 terms
GB 112 exam 1
Business Forms
1st Financial Statement
2nd Financial Statement
3rd Financial Statement
Sole Proprietorship- easy to form, unlimited liability, perso…
Income Statement
Statement of Retained Earnings
Balance Sheet
Business Forms
Sole Proprietorship- easy to form, unlimited liability, perso…
1st Financial Statement
Income Statement
16 terms
GB 112 Exam 2
NB of an asset
NB of a liability
NB of common stock
NB of retained earnings
Debit
Credit
Credit
Credit
NB of an asset
Debit
NB of a liability
Credit
1 of 4