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54 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Dividends |
Distribution of a corporation earnings to stockholders |
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Common stocks |
Is a share of ownership distribute to investors of a corporations |
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Retained earnings |
Is the share owners equity and created from business operations through revenue and expenses transactions |
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Retained earnings |
Is the shareholders equity credit from the business operation the revenue and expenses transactions |
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Financial statements |
The branch of accounting that concerns with recurring transactions using cap for businesses or other economic units and with a periodic preparation of various statements |
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Incomes statements |
The summary of the revenue and expenses for a specific period of time |
Such as month or a year |
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Return earnings statement |
A summary of changes in the return journey that have took her do aim to specific period of time |
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Balance sheet |
A list of assets, liabilities, in stock shareholders equity |
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Statement of cash flows |
A summary of cash from receipts and cash payments |
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Matching concepts |
The income statement reports the revenue in excess of a period time |
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Net income, net profit, or earnings |
Excess of the revenue over expensive |
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Net loss |
If the expense exceeds the revenue |
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Account froms |
A balance sheet that resembles a basic format of the accounting equation with assets on the left side and liability and stockholders equity sections on the right side |
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Ratio of liabilities to stockholders equity |
The relationship between the lies bill tease and stockholders equity |
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Fees earned |
Revenues from providing services |
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Sales |
Revenue from sales of merchandise |
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Rent revenue |
Revenue that includes rent |
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Account receivable |
Is an asset, and the revenue is earned and recorded as if cash has been received |
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Expenses |
I sent Used in the process of earning revenue |
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Account payable |
The liability created by a purchase on an account |
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Prepaid expenses |
Items such as supplies that will be used in a business in the future |
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Revenue |
A business money by selling goods or services to customers |
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Business transactions |
A direct change in the financial condition or operations |
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Common stock |
The stock outstanding incorporation have you only one class of stock |
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Accounting equation |
Assets = liability + stockholders equity |
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Assets |
Resources owned by businesses |
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Liabilities |
The right of the creditors that represent debt of the business |
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Shareholders equity |
The rights of the creditors for a Corporation |
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Owner equity |
Right of the owner for a proprietorship, partnership, or a limited liability company |
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Cost concept |
The amount are the initially recorded new accounting records as their account for purchases price |
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Objectively concept |
The amount recorded in the account record be based on the objective evidence |
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Units of measure concept |
The economic data be recorded in dollars |
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Good |
A tangible product used to satisfy human wants |
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Service |
An activity, or intangible products, used to satisfy human wants |
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Scarcity |
Occur when the amount people desires exceeds the amount of ability at a zero price |
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Market |
A set of arrangements by which buyers and sellers carry out exchange at mutual agreeable terms |
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Products market |
A market in which a good or services is bought and sold |
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Resource market |
A market in which resource is bought and sold |
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Circular-flow model |
A diagram that trace the flow of resources, products, income, and revenue among income decision-makers |
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Rational self-interest |
Each individual tries to maximize the expected benefits achieved with a given cost or minimize the expected cost of achieving a given benefit |
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Marginal |
Incremental, additional, or extra; used to describe a change in economic variable |
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Microeconomics |
The study of economics behavior in a particular markets, such as that for computers or unskilled labor |
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Macroeconomics |
The study of economic behavior in the its higher economics, as measured, for example, by total production an employment |
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Economic fluctuations |
The rise and fall of economic activity related to long-term growth trend the economy |
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Economic theory, or economic model |
A simplification of reality use to make prediction about cause and effect in real world |
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Varible |
A measure such as a price or quantity, that can take on different variables at different time |
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Other - things - constant |
The assumption , when focusing on the relation among economic variables, that others variables remains unchanged |
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Behavioral assumptions |
An assumption that describes the expected behavior of an economic decision maker, what motivates them |
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Hypothesis |
A theory about how key variables relate |
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Positive economic statements |
A statement that can be prove or disprove by reference to fact |
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Normative economic statement |
A statement that reflects an opinions, which cannot be proven or disproven for referencing to the facts |
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Association-is-causatuon |
The incorrect idea bad if two variables are associated in time, one must necessarily cause the other |
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Fallacy of composition |
that includes been sent that what is shoes for in the individual, or part, must necessarily be true for the group, or the whole |
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Secondary effects |
Unintended consequences of economic actions that may develop slowly over time as people react to events |
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