The process of integrating new employees in an organization is called Orientation.
Mentoring and career planning is an example of Human Resource Development.
Performance management and evaluation is concerned with maintaining a positive work environment.
Pensions and insurance are examples of benefits.
Human resource management should be in compliance with the law of safety and health standards.
The two types of HR careers in an organization are generalist and a specialist.
Information technology refers to the combination of hardware and software products along with services and procedures that companies use to access, store, manage, communicate and share information.
Components of a typical business information system are hardware, software, people procedures, database, networks.
Two theories needed to understand information technology in an organization are systems theory and information theory.
The basic parts of a system are components, relationships, boundaries, states of being.
Information is a collection of facts organized in such a way that they have additional value beyond the value of the facts themselves.
What does an Information system do? It processes data and turns it into information.
The process of managing business by internet is called electronic business.
The problem-solving technique that is used by IT professionals in conjunction with managers and decision-makers is called systems development methodology.
The system development life cycle (SDLC) involves Maintenance, planning, analysis, design and implementation.
Ethics are fundamental to accounting.
Financial accounting focuses on external information users.
Managerial accounting focuses on internal users.
Posting to ledger means the transactions data in the journal are periodically recorded in the ledger. Assets = Liabilities + Owner’s Equity
Owner’s equity is Assets – Liabilities
Liquidity means the ability of an asset to be converted into cash quickly and without any price discount.
What are inventory and cash examples of? Assets
Marketable securities and current receivables are examples of current assets
The difference between current and non-current assets is time of consumption.
A copyright is an intangible long lived asset.
Define notes payable. Short-term obligations that are payable in a year or less.
What is the nominal dollar amount, printed on stock certificates called? Par or stated value.
An Income Statement provides information about the changes in owners’ equity over a period of time. The Statement of Cash Flow includes operating, investing and financing data.
The basic accounting equation is: Assets – Liabilities = Owner’s Equity.
The definition of risk insurance is extra compensation paid to an insurance company, over amounts usually considered normal, in return for their undertaking to engage in activities.
Loss reduction focuses on reducing the costs of any losses that do occur that is reducing the severity of risk.
Risk management is the process of identifying and treating risk.
The process of transferring the risk to another party involves a non-insurance contract.
A deductible occurs when a payout for a loss takes place.
Casualty insurance deals with covering legal issues to others arising out of accidents.
Risk pooling means what to spread the losses incurred by few members over an entire group.
Indemnification means compensation for a loss and/or the expenses incurred. An insurance premium involves.