Term
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Definition
| a snapshot of the financial health of a company at a given moment in time |
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Term
List the balance sheet characteristics
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Definition
- Assets
- Total assets
- Liabilities
- Total liabilities
- Equity
- Total equity
- Total liabilities and equity
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Term
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Definition
| Summarizes company's operations over a period of time |
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Term
| Characteristics of an Income Statement |
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Definition
- Revenues
- Expenses
- Surplus/Deficit
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Term
List the 2 types of Equity
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Definition
- Contributed Capital
- Earnings/Surplus
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Term
List the elements in a Financial Statement
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Definition
- Auditors report
- Balance sheet
- Income statement
- Statement of changes in financial position
- Notes to the financial statement
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Term
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Definition
| document showing cash in and out, period by period for a year |
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