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27 Cards in this Set
- Front
- Back
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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 f persons elected by the stockholders to manage a corporation. |
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Declaring A Dividend |
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 Amounts |
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 assets 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, allounce fo uncollectible accounts. |
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Current Assets |
Cash and other asset 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 busineess. |
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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 Deprectiation |
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 saled discount and sales returns and allowances. |
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Cost of Merchandise Sold |
The orginial 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. |
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Financial Ratio |
A comparison between two items of financila 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 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 finanical 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 item, 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. |
