Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
RetainedEarnings
|
Anamount earned by a corporation and not yet distributed to stockholders.
|
|
|
Dividends
|
Earningsdistributed to stockholders.
|
|
|
Board ofDirectors
|
Agroup of persons elected by the stockholders to manage a corporation.
|
|
|
Declaring aDividend
|
Actionby a board of directors to distribute corporate earnings to stockholders.
|
|
|
MerchandiseInventory
|
Theamount of goods on hand for sale to customers.
|
|
|
UncollectibleAccounts
|
Accountsreceivable that cannot be collected.
|
|
|
AllowanceMethod for Recording Losses from Uncollectible Accounts
|
Creditingthe estimated value of uncollectible accounts to a contra account.
|
|
|
Book Value
|
Thedifference between an asset’s account balance and its related contra accountbalance.
|
|
|
Book Value ofAccounts Receivable
|
Thedifference between the balance of AccountsReceivable and its contra account, Allowance for UncollectibleAccounts.
|
|
|
Current Assets
|
Cashand other assets expected to be exchanged for cash or consumed within one year.
|
|
|
Plant Assets
|
Assetsthat will be used for a number of years in the operation of a business.
|
|
|
DepreciationExpense
|
Theportion of a plant asset’s cost that is transferred to an expense account ineach fiscal period during a plant asset’s useful life.
|
|
|
EstimatedSalvage Value
|
Theamount an owner expects to receive when a plant asset is removed from use.
|
|
|
Straight-lineMethod of Depreciation
|
Chargingan equal amount of depreciation expense for a plant asset in each year ofuseful life.
|
|
|
AccumulatedDepreciation
|
Thetotal amount of depreciation expense that has been recorded since the purchaseof a plant asset.
|
|
|
Book Value ofa Plant Asset
|
Theoriginal cost of a plant asset minus accumulated depreciation.
|
|
|
Chapters 15
|
Financial Statements for a Corporation.
|
|
|
Net Sales
|
Totalsales less sales discount and sales returns and allowances.
|
|
|
Cost ofMerchandise Sold
|
Theoriginal price of all merchandise sold during a fiscal period.
|
|
|
Gross Profiton Sales
|
Therevenue remaining after cost of merchandise sold has been deducted.
|
|
|
FinancialRatio
|
Acomparison between two items of financial information.
|
|
|
Earnings perShare
|
Theamount of net income after federal income tax belonging to a single share ofstock.
|
|
|
Price-EarningsRatio
|
Therelationship between the market value per share and earnings per share of astock.
|
|
|
Statement ofStockholders’ Equity
|
Afinancial statement that shows changes in a corporation’s ownership for afiscal period.
|
|
|
Par Value
|
Avalue assigned to a share of stock and printed on the stock certificate.
|
|
|
CurrentLiabilities
|
Liabilitiesdue within a short time, usually within a year.
|
|
|
Long-termLiabilities
|
Liabilitiesowed for more than a year.
|
|
|
SupportingSchedule
|
Areport prepared to give details about an item on a principal financialstatement.
|
