Shadow251

the tendency to decide current rulings based on previous cases, only binding in lower courts - precedent judge made law, often created through many precedents - common law gives the right to interpret laws and determine their validity - judicial power legislature to become a law - statutes bill (congress), simple majority in house and senate -> president (veto power) -> 2/3 in house and senate -> statute - laws order to stop doing something - injunction most government agencies ar...

A group of people collectively decide on a course of action that is counter to the preferences of most of the individuals in the group. - Abilene Paradox When a seemingly neutral employment practice has a disproportionately negative effect on a protected group - Adverse Impact Emotional disagreement directed toward other people - Affective Conflict Charging fees to direct site visitors to other companies' sites - Affiliate Model A human needs theory postulating that people have three ba...

The value of the best alternative that is sacrificed to obtain something you want is a/an - Opportunity cost Choice curve - What is a graph that shows the various combinations of choices an individual can make with the resources available? straight line curve - The assumption that all resources are alike will produce a alike - A curved production possibilities curve (PPC) changes the assumption that resources are the law of increasing opportunity costs - What explains how the production o...

buyer invests money in a common enterprise and expects profit from others work - Security Government securities, bank securities, short term notes, non profit issues, insurance policy, annuity contracts - Exempt Securities Federal agency that enforces securities laws. - SEC (Securities and Exchange Commission) Bring cease and desist order against those who violate the law and can levy fines or confiscate profits from illegal transactions. - Functions of SEC Criminal action for SEC violat...

The process used to acquire inputs, such as people, capital, and material, and transform them into outputs, such as products and services. - Operations They allocate resources. - Operations Manager Facilities and equipment - Capital Developing capabilities that customers value, can be sustained over the long-term, and competitors find difficult to replicate. - Competitive Advantage The process of separating production from consumption; cannot be done for services because they are produced...

The revenues and the expected incurred to generate those revenues must be reported together; a fundamental component of accrual-based accounting. - Matching Principle Items that appear on the financial statement are listed at the cost when purchased. - Historical Cost Principle Cash or assets that will be converted into cash within the next year. - Current Assets Property, Plant, and Equipment (PP&E). These are on the books at their historical cost. This does not include accumulated depre...

The inability to satisfy everyone's wants - Scarcity Study of individual and business choices in the economy - Microeconomics Study of the economy as a whole - Macroeconomics The full value of the best alternative that is given up or forgone. - Opportunity cost Curve showing the various output combinations of two goods or groups of goods that can be produced in an economy with the available resources. - Production possibilities curve All resources are alike and can be interchanged - St...

Accounts Payable - Amounts a business must pay in the future. Accounts Receivable - Claims for future collection from customers. Assets - Property owned by a business. Balance Sheet - A formal report of a business' financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business. Break Even - A point at which revenue equals expenses. Business Transactions - A financial event that changes the resources of a firm. Capital - Financial investmen...

Managerial Accounting - provides financial and nonfinancial information to managers and other internal decision makers Purpose of managerial accounting - provide useful information to decision makers Differences between financial accounting and managerial accounting - 1. managerial accounting also reports non-financial information. 2. financial accounting information is generally used by external users, whereas managerial accounting information is used by internal decision makers. 3. mana...

Hypothesis - is an assumption about a population parameter such as a mean or a proportion null hypothesis (H0) - -represents the status quo -states a belief that the population parameter is ≤, =, or ≥ a specific value -believed to be true unless there is overwhelming evidence to the contrary alternative hypothesis (H1) - -represents the opposite of the null hypothesis -believed to be true if the null hypothesis is found to be false -always states that the population parameter is >,...