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15 Cards in this Set
- Front
- Back
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Accounting
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The information system that identifies records, and communicates the economic event of an organization to interested users.
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Assets
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Resources owned by a business
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Balance Sheet
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A financial statement that reports the assets and claims to those assets at a speific point in time.
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Common Stock
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Term used to discribe the total amount paid in by stockholders for the shares they purchase.
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Corporation
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A business orgainized as a seperate legal entity owned by stockholders
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Dividends
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Payment of cash from a corporation to its stockholders
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Expenses
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The cost of assets consumed or service used in the process of generating revenue.
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Income Statement
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A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time
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Liabilities
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Amounts owned to creditors in the form of debt and other obligations
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Partnership
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A business owned by two or more persons associated as partners.
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Retained Earnings
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The amount of net income retained in the corporation.
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Retained Earnings Statement
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A financial statement that summerized the amount and causes of changes in retained earnings for a speific time period.
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Revenue
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The increase in assets or decrease in Liabilities resulting from the sale of goods or the performance of service in the normal course of business.
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Sole proprietorship
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A business owned by one person.
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Stockholder's Equity
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The owners' claim to assets
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