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13 Cards in this Set

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Asset

property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies

liability

the state of being responsible for something, especially by law

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

Income Statements

A financial statement that measures a company's financial performance over a specific accounting period

Cash Flow Statements

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

Account

a record or statement of financial expenditure or receipts relating to a particular period or purpose

Accountant

a person whose job is to keep or inspect financial accounts

Accounting period

is generally a quarter or a year and reflects all of the financial activity that occurred during that time

Accounts payable

money owed by a company to its creditors.

Accounts receivable

money owed to a company by its debtors.

Appreciation

increase in monetary value.

Audit

conduct an official financial examination of (an individual's or organization's accounts)

Capital

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