Accounting Exam
Terms
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- Uniform Commercial Code (UCC)
- The Uniform Commercial Code is a large set of business laws that clarified and modernized many laws relating to commercial transactions.
- Wholesalers
- Wholesalers buy goods from producers or agents and sell them to retailers.
- Agents
- Agents are intermediaries that assist in the sale and promotion of goods and services but do not take title to them.
- Retailers
- Retailers are businesses that buy consumer goods or services and sell them to the ultimate consumer.
- Automatic Identification System
- An automatic identification system uses electronic baar coding symbols to transmit information. Businesses often use bar coding as a way to keep track of their inventory and reorder stock. Bar coding eliminates the need to process inventory manually, and is subject to a lower rate of error.
- Selecting a Channel of Distribution
- One important factor a business considers when selecting a channel of distribution involves the type fo product because different channels of distribution are more effective for certain types of products.
- Direct Channel of Distribution
- A direct channel of distribution might work better for perishable products.
- Indirect Channel of Distribution
- An indirect channel of distribution would be satisfactory for durable items that have a long shelf life.
- Letters of Inquiry
- Businesses often write letters of inquiry to other businesses to request information and literature, or to order goods or services. These types of letters are routine and should contain only the information the receiver needs in order to respond. Letters of inquiry usually do not contain confidential data because they are making requests rather than providing information.
- Simple Written Report
- The purpose of writing simple reports is to present basic information in an abbreviated form so that the recipients can read it quickly and use the information in ther decision making.
- Annual Report
- An annual report is a type of complex written report that contains a wide range of information about the status of a business.
- Service Report
- A service report is a short report prepared by a worker to explain what services were rendered to a customer.
- Credit Report
- A credit report provides credit information about a business or an individual.
- News Report
- A news report is a short article about a factual event.
- Effective Staff Meetings
- Having an agenda of items to be discussed, being prepared to discuss the agenda items, and keeping the group on target with the agenda are essential to effective staff meetings. The individual conducting the meeting (Accounting department manager) should plan the agenda. Asking attendees to prepare their own agendas would create chaos.
- Robert's Rules of Order
- Robert's Rules of Order are parliamentary procedures to follow in a meeting that involves voting on issues.
- Minutes
- Minutes are report of what happened in a meeting, and are distributed after the meeting takes place.
- Business' policies
- A business' policies must be appropriate for the type of business. Nat all business policies are written, and it would not be necessary to dsiplay them.
- Shopping Goods
- Shopping goods are consumer goods that are purchased by consumers after comparing goods and stores in order to get the best quality, price, and/or service.
- Convenience Goods
- Convenience goods are purchased quickly and without much thought or effort.
- Industrial Goods
- Industrial goods are items purchased by producers for resale, to make other goods, and/or to use in business operations.
- Market Economic System
- Business and individuals decide how products will be produced. The government has regulatory powers to make sure that products are safe. Political parties support candidates for public office. Entrepeneurs are individuals who assume the risk of starting and operating a business.
- Contractionary Fiscal Policy
- Might involve increasing taxes intended to control or decrease growth in an economy that is expanding too fast.
- Purchase
- Strengthens the economy by encouraging trade.