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6 Cards in this Set
- Front
- Back
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What are the three main financial statements? |
-Balance sheet -Income statement -Statement of cash flows |
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What is the purpose of each of these statements? |
-statement of your financial position on specific dates -show whetherwe are profitable -see howmuch cash is coming in and going out and how. |
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What is double entry accounting? |
Debits = Credits |
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Who are internal users of accounting? |
-CEO, CFO, board, managers, supervisors |
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Who are external users of accounting? |
-owners, creditors, investors, labor unions,government, suppliers |
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What is retained earnings? |
accumulation of net income |
