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Financial accounting ch.1
Basic accounting
23
Accounting
Undergraduate 1
02/09/2017

Additional Accounting Flashcards

 


 

Cards

Term
Accounting
Definition
info system that identifies records & economic events
Term
Annual report
Definition
Report that presents finance info including notes statements etc
Term
Assets
Definition
Owned things (Cash, property)
Term
Balance sheet
Definition
Statement showing assets and claims
Term
Basic Amounting Equation (BAE)
Definition
Assets = liab. + O.E.
Term
Certified Public Accountant (CPA)
Definition
certified corporation auditor
Term
Common stock
Definition
Total $ paid for shares purchased
Term
Dividends
Definition
Cash payment to stockholder from corp.
Term
Expenses
Definition
Assets consumed and how much it cost to make profit
Term
income statement
Definition
Statement showing revenue and expense, then net gain or loss
Term
liabilities
Definition
Debt owed to creditors
Term
Management discussion & analysis (MD&A)
Definition
Section of Annual report showing ability to pay liability, funds and expansions
Term
Net Income
Definition
How much profit beats expenses
Term
Net loss
Definition
How much expenses beats profit
Term
Notes to Financial Statements
Definition
Clarify information (Footnotes)
Term
Partnership
Definition
Business owned by 2 or more partners
Term
Retained Earnings
Definition
Amount net income retained in corp.
Term
Retained Earnings statement
Definition
Summarizes changes for period of time
Term
Revenue
Definition
Increase in assets from product or service of your business
Term
Sarbanes-Oxley Act
Definition
Regulations to reduce bad ethics
Term
Sole Proprietorship
Definition
Business owned by 1 person
Term
Statement of cash flows
Definition
Statement showing receipts and payments of business of a per. of time
Term
Stockholders' equity
Definition
Owners claim to assets
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