MRTS 1342 Exam Study Guide with Complete Solutions
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Course
MRTS 1342
Institution
MRTS 1342
MRTS 1342 Exam Study Guide with
Complete Solutions
Accounting - Answer️️ -A language of business employed to communicate financial
information based upon analyzing recording, classification, summarization, reporting,
and interpretation of financial data.
Accounting equation - Answer️️ ...
Advertising - Answer✔️✔️-the art of making the public aware of the services or
commodities that the business has for sale.
Age of accounts receivable - Answer✔️✔️-measures the average time required to collect
receivables.
Age Discrimination in Employment Act - Answer✔️✔️-federal legislation that requires
employer to treat applicants and employees equally regardless of age.
Age of inventory - Answer✔️✔️-measures the average time required to sell inventory.
Amortization - Answer✔️✔️-the paying off of a debt in regular installments over a period
of time
Americans with Disabilities Act (ADA) - Answer✔️✔️-legislation that guarantees disabled
people equal access to employment, as well as access to public places.
Angel investors - Answer✔️✔️-private investors who are willing to supply financing for
new and/or risky small venture start-ups.
Assets - Answer✔️✔️-property of monetary value owned by a business.
Bad debts - Answer✔️✔️-accounts receivable that are uncollectable.
Balance sheet (statement of financial position.; statement financial condition) -
Answer✔️✔️-a formal financial statement illustrating the assets, liabilities, and owner's
equity of a business as of a specific date.
Bona fide occupational qualification (BFOQ) - Answer✔️✔️-a qualification that is
absolutely necessary for the job; it is an allowed and approved reason for
discrimination.
Book value - Answer✔️✔️-the cost of a fixed asset less its accumulated depreciation.
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