Term
|
Definition
| is a system of maintaining records of a company's operations and communicating that information to decision makers. |
|
|
Term
|
Definition
| are to measure the activities of the company and communicate those measurements to people |
|
|
Term
|
Definition
| deals with the methods accountants use to provide information to an organization's internal users |
|
|
Term
|
Definition
| are to measure business activities of a company and to communicate those measurements to external parties for decision-making purposes |
|
|
Term
|
Definition
are transactions involving external sources of funding.
the owners of the company who invest their own funds in the business, and creditors who lend money to the company |
|
|
Term
|
Definition
| purchase and sale of (1) long-term resources such as land, buildings, equipment, and machinery and (2) any resources not directly related to a company's normal operations. |
|
|
Term
|
Definition
| transactions that relate to the primary operations of the company, such as providing products and services to customers and the associated costs of doing so, like utilities, taxes, advertising, wages, rent, and maintenance |
|
|
Term
|
Definition
| is an entity that is legally seperate from it's owners |
|
|
Term
|
Definition
| resources owned by a company |
|
|
Term
|
Definition
| amounts owed to creditors |
|
|
Term
|
Definition
| owners' claims to resources |
|
|
Term
|
Definition
Assets=Liabilities+Stockholders Equity
Assets - Liabilities = Stockholders' Equity
company owns - company owes = difference |
|
|
Term
|
Definition
| are the amounts earned from selling products and services to customers |
|
|
Term
|
Definition
| are the costs of providing products and services |
|
|
Term
|
Definition
| difference between revenues and expenses |
|
|
Term
|
Definition
| when expenses exceed revenues the difference is a negative amount |
|
|
Term
|
Definition
| payments made to Stockholders (usually every three months) |
|
|
Term
|
Definition
| a business owned by one person |
|
|
Term
|
Definition
| a business owned by two or more persons |
|
|
Term
|
Definition
1. Income Statements
2. Statement of Stockholders' Equity
3. Balance Sheet
4. Statement of Cash Flows |
|
|
Term
|
Definition
| is a financial statement that reports the company's revenues and expenses over an interval of time |
|
|
Term
|
Definition
Revenues - Expenses
Part of the income statement |
|
|
Term
| Statement of Stockholders' Equity |
|
Definition
| is a financial statement that summarizes the changes in stockholders' equity of an interval of time |
|
|
Term
|
Definition
| Common Stock and Retained Earnings |
|
|
Term
|
Definition
| an external source of stockholders' equity |
|
|
Term
|
Definition
| represents the cumulative amount of net income, earned over the life of the company, that has not yet been distributed to stockholders as dividends. |
|
|
Term
|
Definition
| a financial statement that presents the financial position of the company on a particular date |
|
|
Term
| Total Stockholders' Equity |
|
Definition
| includes the amount of common stock plus the amount of retained earnings from the statement of stockholders' equity |
|
|
Term
|
Definition
| a financial statement that measures activites involving cash receipts and cash payments over an interval of time |
|
|
Term
|
Definition
| are shown as positive amounts |
|
|
Term
|
Definition
| are shown in parenthesis to indicate negative cash flows |
|
|
Term
|
Definition
| offer additional information either to explain the information presented in the financial statements or to provide information not included in the financial statements |
|
|
