Complete the Following Using the Terms Listed

question 58

Multiple Choice

Complete the following using the terms listed.
-A(n) _____ is anything of value owned or leased by a business.

• A)certified public accountant
• B)International Financial Reporting Standards
• C)asset
• D)liability
• E)Owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Sarbanes-Oxley Act (SOX)
• J)accrual accounting
• K)open book management
• L)budget
• M)generally accepted accounting principles (GAAP)
• N)Financial Accounting Standards Board (FASB)
• O)profitability ratios
• P)International Accounting Standards Committee (IASC)
• Q)Leverage ratios
• R)management accountant

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Definitions:

Goal Congruence

The alignment of the objectives of individuals or groups with the broader goals of the organization to ensure everyone works towards the same targets.

Value-based Management

A management approach that focuses on creating maximum value for shareholders and customers by basing decisions on their potential to increase value.

Economic Value

The value that an asset or service provides to its user, often measured in terms of its ability to generate income or save costs.

Value Drivers

Factors that significantly impact the value of a company's products or services, which in turn affect the company's profitability and market value.