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27 Cards in this Set
- Front
- Back
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a financial statement that identifies a company's assets and claims to those assets by creditors and owners at a specific date
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balance sheet
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an information system for the measurement and reporting of the transformation of resources into goods and services and the sale or transfer of these goods and services during a particular period
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accounting
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the difference between the price a seller receives for goods or services and the total cost to the seller of all resources consumed in developing, producing, and selling those goods or services during a particular period.
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profit
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uncertainty about an outcome
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risk
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the ratio of net income to total assets; net income divided by total assets
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return on assets.
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net income divided by stockholders equity
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return on equity
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the amount of profits earned by a business that could be paid to owners
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return on investment
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the process of preparing, reporting and interpreting accounting information that is provided to external decision makers.
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financial accounting
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the amount a company expects to receive when it sells goods or services
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revenues
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the amount of resources consumed in the process of acquiring and selling goods and services
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expenses
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a financial statement that reports revenues and expenses for a fiscal period as a means of determining how well a company has performed in creating profit for its owners
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income statement
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a subcategory of owners equity that is the accumulated profits of a business that have been reinvested in the business
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retained earnings
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a financial statement that reports events that affected a company's cash account during a fiscal period
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statement of cash flows
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a financial statement that reports changes in a corporations owners equity for a fiscal period
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statement of stockholders equity
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long term legal rights resulting form the ownership of patents, copyrights, and trademarks and similar items
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intangible assets
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an asset account that increases when goods are sold on credit
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accounts recievable
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a federal agency that was given responsibility for overseeing external financial reporting by publicly traded corporations
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securities and exchange commission
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a series of equal amounts received or paid over a specified number of equal time periods
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annuity
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the claim of a creditor to a company's resources
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liability
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an owners equity account that identifies amounts contributed to a company by its owners; the direct investment made by stockholders in a corporation
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contributed capital
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the use of debt to increase a company's return on equity; total assets divided by total stockholders equity
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financial leverage
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resources that can be converted to cash in a relatively short period
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liquidity
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the allocation of the cost of assets to the fiscal periods that benefit from the assets use
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depreciation
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events that occur when owners or creditors provide resources to owners or creditors
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financial activities
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activities necessary to acquire and sell goods and services
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operating activities
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activities involving the acquisition or disposal of long term resources used by a business
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investing activities
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an expense that identifies the cost to the company of the goods transferred to customers
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cost of goods sold
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