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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 Dividends |
Action by a board 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 account, Allowance for Uncollectible Accounts |
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Current Assets |
Cash and other assets expected to be exchanged for cash or consumed within one year |
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Plant Assets |
Assets that will be used for a number of years in the operation of a business Ex: Equipment, Buildings, Land |
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Depreciation Expense |
The portion of 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 Ratio |
A comparison between two items of financial information |
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Earnings per Share |
The amount of net income after federal income tax belonging to a single share of stock |
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Price-Earnings Ratio |
the relationship between the market value per share and earnings per share of a stock |
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Statement of Stockholders' Equity |
A financial statement that shows changes in a corporation's ownership for a fiscal period Ex: Capital Stock, Retained Earnings |
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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 Liabilities |
Liabilities due within a short time, usually withing 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 |