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27 Cards in this Set
- Front
- Back
Retained Earnings |
An amount earned by a corporation and not yet distributed to stockholders. |
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Dividends |
Earnings distributed to stockholders. |
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Board of Directors |
A group of persons elected by the stockholders to manage a corporation. |
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Declaring a Dividend |
Action by a broad of directors to distribute corporate earnings to stockholders. |
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Merchandise Inventory |
The amount of goods on hand for sale to customers. |
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Uncollectible Accounts |
Accounts receivable that cannot be collected. |
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Allowance Method for Recording Losses from Uncollectible Accounts |
Crediting the estimated value of uncollectible accounts to a contra account. |
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Book Value |
The difference between an asset's account balance and its related contra account balance. |
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Book Value of Accounts Receivable |
The difference between the balance of Accounts Receivable and its contra accounts, Allowance for Uncolllectible Accounts. |
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Current Assets |
Cash and other assets expected to be exchanged for cash or consumed within one year. (cash, accounts receivable, prepaid insurance, supplies) |
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Plant Assets |
Assets that will be used for a number of years in the operation of a business. (Equipment, Buildings, Land) |
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Depreciation Expense |
The portion of a plant asset's cost that is transferred to an expense account in each fiscal period during a plant asset's useful life. |
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Estimated Salvage Value |
The amount an owner expects to receive when a plant asset is removed from use. |
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Straight-line Method of Depreciation |
Charging an equal amount of depreciation expense for a plant asset in each year of useful life. |
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Accumulated Depreciation |
The total amount of depreciation expense that has been recorded since the purchase of a plant asset. |
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Book Value of a Plant Asset |
The original cost of a plant asset minus accumulated depreciation. |
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Net Sales |
Total sales less sales discount and sales returns and allowances. |
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Cost of Merchandise Sold |
The original price of all merchandise sold during a fiscal period. |
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Gross Profit on Sales |
The revenue remaining after cost of merchandise sold has been deducted. (Gross Profit / Sales) |
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Financial Radio |
A comparison between two items of financial information. |
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Earning Per Share |
The amount of net income after federal income tax belonging to a single share of stock. |
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Price-Earnings Radio |
The relationship between the market value per share and earnings per share of a stock. |
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Statement of Stockholder's Entity |
A financial statement that shows changes in a corporation's ownership for a fiscal period. |
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Par Value |
A value assigned to a share of stock and printed on the stock certificate. |
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Current Liabilites |
Liabilities due within a short time, usually within a year |
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Long-term Liabilities |
Liabilities owed for more than a year |
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Supporting Schedule |
A report prepared to give details about an item on a principal financial statement |