Shared Flashcard Set

Details

Biz 100 Final
N/A
5
Business
Undergraduate 1
04/24/2013

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Cards

Term
Financial Accounting
Definition
what type of accounting furnishes information to those inside and outside the organization in order to help them assess the firm's performance
Term
GAAP-Generally Accepted Accounting Principles
Definition
The principles for financial reporting that are established by an independent agency called the Financial Accounting Standards Board are known as what?
Term
Income Statement
Definition
A financial statement that shows what your sales and exspenses are and whether you made a profit is known as what?
Term
Net Income
Definition
On an income statement the difference between Gross Profit and Operating Expenses is known as what?
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