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27 Cards in this Set
- Front
- Back
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RetainedEarnings
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◦Anamount earned by a corporation and not yet distributed to stockholders
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Dividends
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◦Earningsdistributed to stockholders
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Board ofDirectors
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◦Agroup of persons elected by the stockholders to manage a corporation>
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Declaring aDividend
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◦Actionby a board of directors to distribute corporate earnings to stockholders
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MerchandiseInventory
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◦Theamount of goods on hand for sale to customers ment-->
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UncollectibleAccounts
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◦Accountsreceivable that cannot be collected
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AllowanceMethod for Recording Losses from Uncollectible Accounts
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◦Creditingthe estimated value of uncollectible accounts to a contra account
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Book Value
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◦Thedifference between an asset’s account balance and its related contra accountbalance
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Book Value ofAccounts Receivable
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◦Thedifference between the balance of AccountsReceivable and its contra account, Allowance for UncollectibleAccounts
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Current Assets
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◦Cashand other assets expected to be exchanged for cash or consumed within one year
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Plant Assets
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◦Assetsthat will be used for a number of years in the operation of a business
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DepreciationExpense
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◦Theportion of a plant asset’s cost that is transferred to an expense account ineach fiscal period during a plant asset’s useful life
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EstimatedSalvage Value
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◦Theamount an owner expects to receive when a plant asset is removed from use
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Straight-lineMethod of Depreciation
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Charging an equal amount of depreciation expense for a plant asset in each year of useful life
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AccumulatedDepreciation
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The total amount of depreciation expense that has been recorded since the purchase of a plant asset
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Book Value ofa Plant Asset
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The original cost of a plant asset minus accumulated depreciation
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Net Sales
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Total sales less sales discount and sales returns and allowances
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Cost ofMerchandise Sold
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The original price of all merchandise sold during a fiscal period
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Gross Profit on Sales
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The revenue remaining after cost of merchandise sold has been deducted
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FinancialRatio
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◦Acomparison between two items of financial information �^/H��
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Earnings perShare
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The amount of net income after federal income tax belonging to a single share of stock
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Price-EarningsRatio
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The relationship between the market value per share and earnings per share of a stock
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Statement of Stockholders’ Equity
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A financial statement that shows changes in a corporation’s ownership for a fiscal period
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Par Value
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◦Avalue assigned to a share of stock and printed on the stock certificate
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CurrentLiabilities
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◦Liabilitiesdue within a short time, usually within a year
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Long-termLiabilities
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Liabilities owed for more than a year
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Supporting Schedule
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A report prepared to give details about an item on a principal financial statement
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