Introduction to Accounting Concepts
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Questions and Answers

Match the following methods of performance appraisal with their descriptions:

360° feedback = Multi-rater feedback involving various stakeholders Self-appraisal approach = Employee assesses their own performance Upward feedback = Feedback given to managers from their subordinates Traditional appraisal = Standard assessment typically conducted by a supervisor

Match the following leadership theories with their characteristics:

Traits Model = Focuses on physical and social characteristics Autocratic style = Leader makes decisions unilaterally Democratic style = Encourages group participation in decision-making Free rein style = Delegates authority with minimal supervision

Match the following employee motivation strategies with their corresponding actions:

Verbal warning = Initial step in progressive discipline Formal written warning = First formal step in disciplinary action Final written warning = Indicates that termination is imminent Suspension without pay = Temporary removal from the workplace with loss of pay

Match the following liabilities in financial planning to their definitions:

<p>Lay-off = Temporary termination of employment Separation = Voluntary departure from the organization Promotion = Advancement to a higher position Discharge = Involuntary termination of employment</p> Signup and view all the answers

Match the following components of the appraisal process with their descriptions:

<p>Establishing standards = Identifying performance measures Communicating expectations = Informing employees about job requirements Monitoring performance = Ongoing evaluation of employee output Giving feedback = Providing performance information to employees</p> Signup and view all the answers

Match the following types of liabilities with their definitions:

<p>Current Liabilities = Debts due within one year Long-term Liabilities = Debts due after one year Accounts Payable = Debts to creditors not evidenced by a written promise Notes Payable = Written promissory notes of obligation to pay</p> Signup and view all the answers

Match the employee motivation factors with their descriptions:

<p>Attainment = Achievement of goals or objectives Power = Desire to influence or control others Belonging = Need for social relationships and acceptance Independence = Desire for autonomy and self-direction</p> Signup and view all the answers

Match the leadership theories with their core concepts:

<p>Transformational Leadership = Inspiring and motivating followers Transactional Leadership = Focus on exchanges and rewards Situational Leadership = Adapting leadership style to circumstances Servant Leadership = Prioritizing the needs of followers</p> Signup and view all the answers

Match the performance appraisal methods with their characteristics:

<p>360-Degree Feedback = Collecting feedback from various sources Self-Assessment = Employees evaluate their own performance Rating Scales = Using numerical scales to measure performance Behaviorally Anchored Rating Scales = Scaling based on specific behaviors</p> Signup and view all the answers

Match the financial planning components with their definitions:

<p>Cash Flow Management = Monitoring cash inflow and outflow Budgeting = Allocating financial resources for a period Financial Forecasting = Predicting future financial trends Expense Tracking = Recording and analyzing spending patterns</p> Signup and view all the answers

Match the non-monetary motivators with their examples:

<p>Recognition = Acknowledging employee achievements Celebration = Commemorating milestones or successes Communication = Maintaining dialogues and support Rewards = Offering benefits or appreciation</p> Signup and view all the answers

Match the incentives with their types:

<p>Commission = Incentive related to sales performance Salaries = Fixed remuneration for employment Bonuses = Additional financial rewards for performance Benefits = Non-cash perks provided to employees</p> Signup and view all the answers

Match the procurement costs with their contexts:

<p>Hydrocortisone Cost = P50.00 per vial Carrying Cost Interest = 20% estimated cost Procurement Cost = P25.00 Inventory Usage = 10,000 vials per year</p> Signup and view all the answers

Match the following progressive discipline steps with their descriptions:

<p>Verbal warning and counseling = Informal conversation about performance issues Formal written warning = First formal step in progressive discipline Final written warning = Last chance before termination Suspension without pay = Temporary removal from work without compensation</p> Signup and view all the answers

Match the following employee motivation strategies with their descriptions:

<p>Affiliative style = Creates harmony and emotional bonds Coaching style = Delegates responsibilities to subordinates Democratic style = Encourages collaboration and teamwork Authoritative style = Displays self-confidence and empathy</p> Signup and view all the answers

Match the performance appraisal methods with their definitions:

<p>Essay appraisal = Detailed narrative of employee's performance Ranking method = Ordering employees by performance level Critical incident appraisal = Focuses on specific incidents of behavior Management by objectives = Measuring performance based on set goals</p> Signup and view all the answers

Match the inventory control methods with their features:

<p>Intuitive method = Least efficient, most common method Systematic wantbook = Uses a wantbook for each direct account Just-in-time = Reduces inventory costs by ordering as needed ABC analysis = Categorizes inventory by importance</p> Signup and view all the answers

Match the following performance appraisal factors with their characteristics:

<p>Dependability = An unquantifiable factor Quality of work = Frequency of errors and complaints Job Knowledge = Understanding required tasks and duties Initiative = Ability to handle ambiguity and self-evaluate</p> Signup and view all the answers

Match the following financial planning concepts with their descriptions:

<p>Liabilities management = Overseeing obligations and debts Budgeting = Creating a financial plan for expenditures Cash flow management = Tracking income and expenses Forecasting = Predicting future financial outcomes</p> Signup and view all the answers

Match the types of employee separation with their definitions:

<p>Resignation = Voluntary departure from the job Lay-off = Temporary dismissal due to economic conditions Discharge = Forcible termination due to employee misconduct Retirement = Ending employment due to age or tenure</p> Signup and view all the answers

Study Notes

Introduction to Accounting

  • Assets are property or rights owned by a business.
  • Assets have a vested equitable interest.

Categories of Assets

  • Current Assets
    • Cash: Cash on hand, cash in bank
    • Accounts Receivable: Collectibles from customers or clients (no added interests)
    • Notes Receivable: Promissory notes showing obligations to pay (interest receivable included).
    • Merchandise Inventory: Stocks of goods meant for sale to consumers.
    • Prepaid Expenses: Advance payments.

Liabilities

  • Liabilities are obligations from past transactions and activities.
  • Current liabilities have payment due within a year.
    • Accounts Payable: Debts to creditors not evidenced by written promises.
    • Notes Payable: Unpaid promissory notes.
    • Salaries Payable: Money owed to employees.
    • Interest Payable: Interest owed.
    • Taxes Payable: Taxes owed.
    • Utilities Payable: Money owed for utilities
  • Long-term liabilities (non-current) -(Notes Payable, Loans Payable) -Decrease assets and owner's equity.
    • Include salaries.

Expenses (Page 3)

  • Commission
  • Traveling
  • Postage and Communication
  • Taxes
  • Utilities
  • Insurance
  • Repair and Maintenance
  • Rent
  • Interest
  • Advertising
  • Depreciation
  • Miscellaneous (example: St. John's Hospital Pharmacy uses 10,000 vials of hydrocortisone per year. Hydrocortisone cost P50.00 per vial. The estimated carrying cost interest is 20% and the procurement cost is P25.00)

Directing

  • Directing is the heart of the management process.
  • Aims to create effective work.

Environment Anchored (Page 4)

  • Motivating, supervising, and disciplining.
  • "Getting the job done."
  • Review job positions periodically.
  • Maintain good communication.
  • Reward quality work and know your employees.
  • Methods of non-monetary motivators include recognition and celebration.
  • Ground rules for job employment.
  • Progressive Discipline: Verbal warning, counseling, formal oral reprimand, formal written warning.
  • Includes termination, dismissal, personnel transfers, promotions, separations, layoffs, discharge, and resignations, and retirements.

Theories of Leadership (Page 5)

  • Traits Model: Physical and social background, personality.
  • Contingency Model: Task orientation and relationship orientation, follower readiness.
  • Leadership Styles: Affiliative Style (Creates harmony and emotional bonds)

Controlling (Page 6)

  • Measuring and correcting performance to achieve enterprise objectives.
  • Ensures plan accomplishment

Appraisal (Page 7)

  • Method to document and evaluate job performance.
  • Factors like output units, work quality, dependability, and job knowledge are important.
  • Includes trait approach, result approach, and critical incident appraisal

Inventory (Page 8)

  • Stocks of goods held for future demands.
  • The least liquid current asset.
  • Control methods include intuitive method and systematic wantbook method.

Open-to-Buy Budget System (Page 9)

  • Simplifies inventory control and adjusts purchases based on sales fluctuations.

Economic Order Quantity (Page 9)

  • Determines the optimal purchase amount to minimize total costs.

Additional Notes (Page 9)

  • Trading Securities, Non-current Assets (Fixed Assets), Mortgage Payable, Capital/Owner's Equity, Revenues, and Expenses are discussed.

Communication (Page 10)

  • Four principles of communication (impartiality, consistency, interest in employee issues, and active listening).
  • Includes progressive discipline and dismissal (verbal warning, counseling, formal oral reprimand, formal written warning) for employees.
  • Includes the various theories of Leadership.
  • Includes concepts such as Autocratic, Democratic, and Free Rein leadership style.

Appraisal Process (Page 11)

  • Establishing standards, communicating expectations, monitoring performance, providing feedback, and making decisions.
  • Traditional, upward feedback, 360° feedback, and self-appraisal approaches are discussed.
  • Cost minimization at the order size where carrying cost equals procurement cost.
  • Perpetual inventory method.

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Test your understanding of basic accounting principles including assets and liabilities. This quiz covers key categories such as current assets and types of liabilities. Perfect for students beginning their accounting studies.

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