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Ch1: Financial Statements
N/A
11
Accounting
Undergraduate 1
08/29/2014

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Cards

Term
accounting
Definition
the information system that measures business activities, processes that information into reports and financial statements, and communicates the results to decision makers
Term
accounting equation
Definition
assets = liabilities + owner's equity
Term
asset
Definition
an economic resource that is expected to be of benefit in the future
Term
balance sheet
Definition
list of an entity's assets, liabilities, and owner's equity as of a specific date
Term
board of directors
Definition
group elected by the stockholders to set policy for a corporation and to appoint its officers
Term
capital
Definition
another name for owner's equity of a business
Term
common stock
Definition
most basic form of capital stock
Term
continuity/going concern assumption
Definition
holds that the entity will remain in operation for the foreseeable future
Term
corporation
Definition
a business owned by stockholders, an artificial person in the eyes of the law
Term
current asset
Definition
an asset that is expected to be converted to cash, sold, or consumed during the next 12 months or the business's normal operating cycle if longer than a year
Term
current liability
Definition
a debt due to be paid within one year or within the entity's operating cycle if longer than a year
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