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13 Cards in this Set
- Front
- Back
Asset |
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies
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liability
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the state of being responsible for something, especially by law
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Shareholders’ equity |
A firm's total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity represents the amount by which a company is financed through common and preferred shares
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Income Statements
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A financial statement that measures a company's financial performance over a specific accounting period
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Cash Flow Statements
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A financial statement that reflects the inflow of revenue vs. the outflow of expenses resulting from operating, investing and financing activities during a specific time period
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Account
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a record or statement of financial expenditure or receipts relating to a particular period or purpose
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Accountant
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a person whose job is to keep or inspect financial accounts
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Accounting period
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is generally a quarter or a year and reflects all of the financial activity that occurred during that time
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Accounts payable
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money owed by a company to its creditors.
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Accounts receivable
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money owed to a company by its debtors.
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Appreciation
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increase in monetary value.
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Audit |
conduct an official financial examination of (an individual's or organization's accounts)
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Capital
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wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing
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