Term
| Liabilities + Owner's Equity = |
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Definition
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Term
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Definition
| all property owned; Cash, Inventory, Accounts Receivable, Property, Plant and Equipment |
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Definition
| all debts; Accounts Payable, Notes Payable |
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Term
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Definition
| leftovers after paying liabilities; the ownership interest in assets; shareholder's equity; Common Stock, Retained Earnings |
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Term
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Definition
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Term
| 3 Sections of the Balance Sheet |
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Definition
| Assets, Liabilities, Owner's Equity |
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Term
| Income Statement Equation |
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Definition
| Revenues - Expenses = Net Income |
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Term
| Difference between Operating and Non-operating revenues |
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Definition
| Operating revenues come from the sale of business primary products, while non-operating is unrelated to the core of the business |
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Definition
| Gross Profit - Operating Expenses |
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Term
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Definition
| (Revenues + Gains) - (Expenses + Losses) |
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Term
| Statement of Retained Earnings |
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Definition
| the bridge between the income statement to the balance sheet; it is the sum of all a company's undistributed profits over the entire existence of company |
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