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What is a general ledger? A general ledger account is an account or record used to sort, store and summarize a company's transactions. asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable, Acc...

When the costs of supplies increase in an industry, the low cost leader_____ is the only firm able to pay the higher prices and continue to earn average or above average returns Accounts Payable current liability account in which a company records the amounts it owes to suppliers or vendors...

Balance Sheet Analysis Analysis of assets, liabilities, and equity Annually or quarterly Helpful for investors, bankers and brokers Compliance in Accounting Sarbanes act was created in 2002 to protect shareholders What are dividends? a sum of money paid regularly by a company ...

cost control A business's efforts to manage how much it spends. Cost control is always important factor in maintaining and growing profitability Outsourcing is a common method to control costs because many businesses find it cheaper to pay a third part to perform a task than to tak...

price level a measure of the average prices of goods and services in the economy Price levels are expressed in... small ranges or as discrete values such as dollar figures Price levels are leading indicators in the economy; rising prices, indicate higher demand leading to inflation ...

cultural audit an assessment of an organization's values Internal Analysis assesses relevant areas involving the product/service offering and the firm itself HR management activities recruiting, training, safety, employee relations, compensation, and benefits Recruiting any...

Relevance The quality of information that indicates the information makes a difference in a decision. Reliability the quality of information that gives assurance that it is free of error and bias Comparability Ability to compare the accounting information of different companies beca...

interstate commerce trade between two or more states subpoena a court order requiring appearance and/or testimony Administrative Agency a federal, state, or local government agency established to perform a specific function judical review the power of the Supreme Court to de...