Term
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Definition
| Currency, coins, balances in savings and checking accounts, items acceptable for deposit in these accounts (such as checks received from customers), and cash equivalents. |
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Term
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Definition
| The amount of cash owed to the company by its customers from the sale of products or services on account. |
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Term
| Allowance for Uncollectible Accounts |
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Definition
| Contra asset account representing the amount of accounts receivable that we do not expect to collect. |
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Term
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Definition
| Items a company intends for sale to customers. |
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Term
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Definition
| Costs of assets required in one period that will be expensed in a future period. |
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Term
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Definition
| Cash used to purchase another company's debt or stock. |
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Term
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Definition
| Formal credit arrangements evidenced by a written debt instrument or note. |
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Term
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Definition
| Capitalized cost to purchase or construct buildings for use by the company. |
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Term
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Definition
| Contra asset account representing the total amount of depreciation for a specific asset over time. |
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Term
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Definition
| Capitalized cost to acquire and prepare land for use by the company. |
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Term
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Definition
| Improvements to land such as paving, lighting, and landscaping that, unlike land itself, are subject to depreciation. |
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Term
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Definition
| The value of a company as a whole, over and above the value of its identifiable net assets. |
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Term
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Definition
| Long-term assets that lack physical substance, and whose existence is often based on a legal contract. |
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Term
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Definition
| Assets like oil, natural gas, and timber that we can physically use up or deplete. |
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Term
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Definition
| Amounts the company owes to suppliers of merchandise or services that it has bought on credit. |
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Term
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Definition
| A liability account used to record cash received in advance of the sale or service. |
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Term
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Definition
| Written promises to repay amounts borrowed plus interest. |
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Term
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Definition
| A formal debt instrument that obligates the borrower to repay a stated amount, referred to as the principal or face amount, at a specified maturity date. |
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Term
| Additional Paid in Capital |
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Definition
| The portion of the cash proceeds above par value. |
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Term
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Definition
| A security that represents ownership within a corporation at par value. |
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Term
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Definition
| Stock with preference over common stock in the payment of dividends. |
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Term
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Definition
| A corporation's own stock that it has reacquired. |
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Term
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Definition
| Represents all net income, less all dividends, since the company began. |
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Term
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Definition
| Income a business receives from normal business activities. |
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Term
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Definition
| Income derived from an investment on which the payments reflect the time value of money. |
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Term
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Definition
| Cost of the inventory that was sold during the period. |
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Term
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Definition
| Expense derived from a liability on which the payments reflect the time value of money. |
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Term
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Definition
| The amount of the adjustment to the allowance for uncollectible accounts, representing the cost of estimated future bad debts charged to the current period. |
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Term
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Definition
| Allocation of the cost of an intangible asset over its service life. |
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Term
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Definition
| Allocation of the cost of a natural resource over its service life. |
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Term
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Definition
| Allocation of the cost of a tangible asset over its service life. |
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Term
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Definition
| Increases in equity from peripheral or incidental transactions of an entity. |
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Term
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Definition
| Decreases in equity from peripheral or incidental transactions of an entity. |
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Term
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Definition
| Decreases in equity of a particular business enterprise resulting from the transferring assets, rendering services, or incurring liabilities by the enterprise to the owners. |
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Term
| Statement of Earnings (Income Statement) |
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Definition
| Reflect the extent to which and the ways in which the equity of an entity increased or decreased from all sources other than transactions with owners during a period. |
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Term
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Definition
| Reflects an entity's cash receipts classified by major sources and its cash payments by major uses during a period. |
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Term
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Definition
| All cash flows other than from investing and financing (normal operations) |
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Term
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Definition
| Cash flows related to noncurrent assets. |
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Term
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Definition
| Cash related to dividends long-term liabilities, equity |
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Term
| Balance Sheet (Statement of Financial condition) |
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Definition
| Information about an entity's assets ( economic resources), liabilities, equity (claims to these resources) and their relationships to each other at a moment in time. |
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Term
| Statement of Stockholder's Equity |
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Definition
| Financial statement that summarizes the changes in retained earnings over time including increases and decreases from operations changing in distribution to owner. |
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Term
Statement of Stockholder's Equity
Equation |
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Definition
Beg. OE + Net Income - Dividends = End OE
Owner's Equity= Common Stock + Retained Earnings |
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Term
Balance Sheet (Statement of Financial Condition)
Equation |
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Definition
| Assets= Liabilities + Owner's Equity |
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Term
Statement of Earnings (Income Statement)
Equation |
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Definition
| Net Income= Revenue - Expenses + Gains - Losses |
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Term
Statement of Cash Flow
Equation |
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Definition
| Beg. Cash +/- cash from operations +/- cash from investing +/- cash from financing = end cash |
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