Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Balance sheet |
Reports the assets, liabilities, and stockholders' equity at a specific date |
|
|
Convergence |
Process of reducing differences between US GAAP and IFRS |
|
|
Corporation |
A business in which ownership is divided into transferable shares of stock |
|
|
Income statement |
Presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time |
|
|
Liabilities |
Creditor claims against total assets |
|
|
Proprietorship |
A business owned by one person |
|
|
Relevance |
Financial information that is capable of making a difference in a decision |
|
|
Retained earnings statement |
Summarizes the changes in retained earnings for a specific period of time |
|
|
Sarbanes-Oxley Act (SOX) |
Law intended to reduce unethical corporate behavior |
|
|
Securities and Exchange Commission (SEC) |
Governmental agency; oversees US financial markets and accounting standard-setting bodies |
|
|
Statement of cash flows |
Summarizes information about the cash inflows and outflows for a specific period of time |
|
|
Stockholders' equity |
The ownership claim on a corporation's total assets |
