Business Studies is a broad category in the field of Social Sciences that offers the in-depth and enhanced studying of a great variety of different specialties. The field of business involves a significant number of the functional areas, and each of them has its distinct purpose. Despite a great deal of choice, the category of Business Studies implies a considerably challenging area of study that might pose particular difficulties for the individuals of the different age groups. Such a complex field of education requires an enormous amount of energy, as well as the great efforts to be taken, to have a good understanding of the learning materials presented by the professors.
As it was already mentioned, while studying this area of interest, you are highly recommended to ask the lecturer to provide you with the complementary practical approaches that can be used in conjunction with your studying materials. In the most cases, such approaches may include case studies, role plays, workshops, simulation games, conferences, research group projects, and the other engaging activities. However, one of the most common practical approaches that are applied to enhance the students’ learning process is the use of flashcards. Using this educational approach, the instructors tend to tease out the main parts of their teaching materials and introduce them to the audience with the help of flashcards or slides that can be created using Microsoft PowerPoint.
In general, flashcards are often regarded as the information cards that are used as the classic study tools in different areas of the modern education, and particularly, in Business Studies.
There are several functional areas of Business Studies that may involve the use of flashcards and the other visual presentations. This area of learning may be closely associated with the fields of accounting, finance, and economics. Hence, you have a chance to save your time by creating the flashcards. Additionally, some business terms and notions may be observed in the areas of management, trade, and leadership as well.
Needless to say, that the areas of Business Studies mentioned above introduce a number of concepts that may be considerably challenging to remember. Hence, in this case, the use of flashcards may be regarded as the main practical approach aimed at enhancing your learning process through an active recall.
Accounting process of identifying, measuring, and communicating financial information to help people make economic decisions Accounting Equation Assets = Liabilities + Equity American Institute of Certified Public Accountaints (AICPA) professional organization of CPAs in the USA Assets resource owned by the company that is expected to provide the company future Read more…
Perpetual inventory system keeps a running computerized record of merchandise inventory Purchase of merchandise inventory Merchandise inventory DB cash or accounts payable CD purchase return cash or accounts payable DB merchandise inventory CD payment of freight in merchandise inventory DB cash CD payment with in discount period accounts payable DB Read more…
Managerial accounting is directed towards: providing information and analysis to managers inside an organization. Activities performed by managerial accountant include: 1. Determining the cost of providing a service or making a product 2. Assist management in profit planning and formalizing the plans into budgets 3. Determine the behavior of costs Read more…
accounting equation Assists = liabilities + stockholders equity -referred to as fundamental model of business valuation revenues sales of goods or services to customers net income revenue-expenses financial statements a companies primary way of communicating to external users income statement a company’s timely report of expenses and revenues the two Read more…
Managers Responsibilities Planning, Directing, Controlling Planning sets goals and objectives ex. generate more sales>open a new store Directing overseeing day-to-day operations ex. use cost report to adjust material usage Controlling evaluate results and make adjustments Managerial accounting differs from financial accounting in that managerial accounting emphasizes data relevance over data Read more…
accounting information system that identifies, records, and communicates the economic events of an organization annual report report prepared by corporate management that presents financial information and an independent auditor’s report Assets Resources owned by a business Auditor’s report A report prepared by an independent outside auditor stating the auditor’s opinion Read more…
Accounting Information and measurement system that identifies, records, and communicates relevant information about a company’s business activities. Accounting Equation Equality involving a company’s assets, liabilities, and equity; Assets = Liabilities + Equity Assets Resources that a company owns or controls that are expected to provide current and future benefits to Read more…
Managerial Internal reporting and decision making Financial External reporting Financial Historical information Managerial Future Decision Making Managerial Emphasizes relevance Financial Emphasizes verifiability Financial Precision Managerial Timeliness Financial GAAP Managerial not required Financial Company wide reporting Managerial Segement reporting
mainly for external use financial mainly for internal use managerial helps external users make financial decisions financial helps managers make decisions, plan, direct, and control managerial driven by GAAP financial not driven by GAAP managerial looks at the previous year financial looks to the future managerial ONLY financial data financial Read more…
Adjusting Entries Entries that update account balances prior to preparing financial statements; a bookkeeping tool. Adjusting entries never affect cash account Assets Economic resources used to produce revenue which is expected to provide future benefit for the business Audit Detailed examination of some aspect of a company’s accounting records or Read more…
Primary users of the information are the internal users such as managers managerial Primary users of the information are the external users, such as creditors, stockholders, and government regulators Financial The purpose of the information is to help managers plan, direct, and control business operations and make business decisions Managerial Read more…
What does the Securities and Exchange Commission (SEC) do? It administers the US securities laws, most notably the Securities Act of 1933 and the Securities Exchange Act of 1934 as well as others. What is the main purpose of the Securities and Exchange Commission (SEC)? The main purpose of the Read more…
creditors persons or entities to whom a company owes money amount owed to creditors liabilities note payable liability to the bank bonds payable debt securities sold to investors that must be repaid at a particular date some years in the future common stock the total amount paid in by stockholders Read more…
Stockholders investors Creditor lenders (banks) – make money on loans by charging interest Dividends cash payments that stockholders hope to receive; a portion of what the company earned Internal Decision Makers managers – need info about the company’s business activities to manage the operating, investing, and financing activities of the Read more…
Constitutional Law Law that involves the interpretation and application of the U.S. Constitution and state constitutions Statutory Law the body of laws created by legislative statutes. None of these laws can violate the U.S constitution Administrative Law the body of rules and regulations and orders and decisions created by administrative Read more…
Law rules of order that dictate some minimum expectation for how to live in a society for civility and reduced chaos with reasonable protections of rights and minimal interference of others rights Burden of Proof (2) obligation to prove one’s assertion, always rests on plaintiff Types of Law (2) criminal, Read more…
1. Jurisdiction The authority of a court to hear and decide a case. To make a legally valid decision in a case, a court must have both “subject matter jurisdiction” (power to hear the type of case in question, which is granted by the state legislatures and Congress). 2. Venue Read more…
Bill of Rights The first ten amendments to the U.S. Constitution. Checks and balances The system by which each of the three branches of the national government (executive, legislative, and judicial) exercises checks on the powers of the other branches. Commerce clause The provision in Article I, Section 8, of Read more…
What do legal systems do? evolve to encourage and promote stability and order in a society and to give effect to public policy Who is the law in interest of? Everyone What does the law involve? political, religious, social and/or economic questions Who is the law resolved by? Courts What Read more…
Sources of Law Statute, constitution, common law case law, administrative laws, executive orders issued by the president, equity-orders for injunctions or for specific performance of duties under a contract, treaties Criminal Behaviors outlawed by society Civil Regulates the rights and duties of the parties Methods for Resolving Disputes Negotiation, Arbitration, Read more…