Match the Term and the Definition

question 14

Multiple Choice

Match the term and the definition.Not all definitions will be used.
-Separate entity assumption

• A)The concept that the activities of the business are separate from the activities of the owners of the business.
• B)The practice of reporting accounting data in the national monetary unit.
• C)A nonrecurring item associated with abandoning or selling an operation that does not appear in any financial statement but is covered in the notes.
• D)The earnings of a company before taxes.
• E)An increase in an asset or a decrease in a liability that results from peripheral activities.
• F)The ratio of a product's price to the net profit margin.
• G)Net income adjusted for gains and losses that may disappear before they are realized.
• H)The characteristic that the reported financial information is of value in making decisions.
• I)The concept that a company's financial data in any one year should be able to be compared with the company's same financial data in other years.
• J)The ratio of the price of a share to the earnings per share.
• K)Also known as ratio analysis.
• L)A nonrecurring item on the income statement that reflects gains and losses associated with abandoning or selling an operation.
• M)Another name for a trend analysis.
• N)The assumption that a business will separate financial results according to the type of activity that generated them.
• O)The concept that a company's financial data should be able to be compared with other companies' data.
• P)The practice of reporting information in percent terms rather than monetary ones.
• Q)A nonrecurring item on the income statement that reflects gains and losses associated with highly unusual events such as natural disasters.

Recognize the start and control mechanisms of inventory management.

Understand the role of inventory controls in the accounting and financial reporting process.

Distinguish between perpetual and periodic inventory systems and their impact on financial statements.

Realize the importance of physical inventory and its impact on financial accuracy.

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Definitions:

Object Memory

The ability to remember and recognize information about objects, including shape, color, and spatial location.

Entorhinal Cortex

Cortex located on the medial temporal lobe surface; provides a major route for neocortical input to the hippocampal formation; often degenerates in Alzheimer disease.

Perirhinal Cortex

Cortex lying next to the rhinal fissure on the ventral surface of the brain.

Alzheimer Disease

A progressive neurodegenerative disorder characterized by memory loss, cognitive decline, and personality changes due to brain cell death and dysfunction.