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28 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Accounting |
The system that identifies, records, and communicates the economic events of an organization of interested users. |
Users of accounting information is divided into groups of external and internal users. Pg6 |
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Annual report |
A report prepared by corporate management presenting financial information such as financial statements, management discussions, analysis section, notes, auditors report. |
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Assets |
Resources (computers, deoivery trucks, furniture, buildings) owned by company. |
Pg10 |
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Auditors report |
A report prepared by outside auditor, stating the opinion of financial position and results offline operations and conformance with accepted accounting principles. |
Pg20 |
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Balance Sheet |
The financial statement that reports the assets and claims of a specific point of time. |
Pg14 |
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Accounting Equation |
Assets = Liabilities - Stockholders' Equity. |
Pg14 |
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Certified Public Accountant (CPA) |
A person who had met the criteria in order to perform audits of corporations. |
Pg20 |
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Common Stock |
Describes the total amount paid in by stockholders' for the shares they purchased. |
Pg9 |
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Corporation |
A business organized as a separate legal entity owned by stockholders. |
Pg4 |
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Dividens |
Payments of cash from a corporation to its stockholders. |
Pg10 |
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Expenses |
The cost of assets consumed or services used in the process of generating revenues. |
Pg10 |
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Income Statement |
A financial statement that reports a company's revenues and expenses and resulting income or net loss for a specific period of time. |
Pg12 |
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Liabilities |
Amounts owed to creditors in the form of debts and other obligations. |
Pg9 |
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Management discussion and analysis (MD&A) |
A section in the annual report that presents management view to pay near-term obligations, it's ability to fund operations and expansions and it's results of operations. |
Pg19 |
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Net Income |
The amount by which revenues exceed expenses. |
Pg11 |
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Net Loss |
The amount by which expenses exceed revenues. |
Pg11 |
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Notes to the financial statements |
Notes clarify information presented in the financial statements and provide additional detail. |
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Partnership |
A business owned by 2 or more persons as partners. |
Pg4 |
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Retained earnigs |
The amount of net income retained in the corporation. |
Pg13 |
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Retained (reinvested) Earnings Statement |
A financial statement that summarizes the amounts and causes of changes in retained earnings for a specific time. |
Pg13 |
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Revenue |
The increase in assets or decrease in liabilities from the sales of goods or in the performance of services in the normal course of business. |
Pg10 |
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Sarbanes - Oxley Act (SOX) |
Regulations passed by the Congress to reduce unethical corporate behaviors. |
Pg8 |
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Sole Proprietorship |
A business owned by one person. |
Pg4 |
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Statement of Cash Flows |
A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time. |
Pg15 |
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Stockholders' Equity |
The owners claim to assets. |
Pg14 |
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Financial Statement |
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Balance sheet2 |
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Statement of cashflow |
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