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Details Title: business final Description: last test!!! Total Flash Cards: 20 Created: 05/06/2007 19:29:56	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term what three types of reports do accountants prepare? Definition balance sheet income statement statement of cash flow Term audit Definition reviews and evaluates records used to prepare a companies financial statements Term how do computers aid accountants? Definition they simplify the mechanical tasks involved in accountants. it enables managers to get financial reports exactly right Term depreciation Definition systematic write off of the cost of tanigiable assests over its estamated useful life Term lifo Definition method for calculating cost of inventory Term current ratio Definition ratio of firms current assets to its current liabilities. Term what does most baisan affective budget have? Definition balance sheet, income statement, cash flow statement Term call provision of a bond Definition a company can recall the bond before the bond matures Term sinking fund Definition issuer of a bond periodically retires part of the bond principal prior to maturity date Term common stock Definition most basic for of ownership in a firm Term capital gain Definition the positive difference btween the purchase purchase and sale price of a stock Term stock split Definition gives the stockholders two or more of the stock for each they all ready own Term money Definition anything people accept as payment for goods or services Term M1 Definition money that can accessed quickly and easily Term M2 Definition money included in M1 plus money that might take a little more time to obtain Term international monetary fund Definition organization that assists the smooth flow of money among nations Term world bank Definition the bank responsible for financing economic development Term letter of credit Definition promise by the bank to pay the seller a certain amount if conditions are met Term what does financial panning consist of? Definition save money earn money spend mony wisely insure assets against unexpected lose Term first step in controlling personal finance Definition take an inventory of your financial assets