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15 Cards in this Set

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Accounting
resports financial info to the user in a form useful for decision making.
Finance
uses accounting info for decision making.
Balance Sheet
Assets = Liabilities + Owner Equity
Assets =

Where Found?
= Current + Fixed

Balance Sheet
Current Assets
= & What are they?
= Cash + Accounts Receivable + Inventory

Can convert to cash w/in (1) year.
Net Fixed Assets
= & What are they?
= Land + Plant + Equipment - Accumulated Depreciation

no anticipation of converting to cash w/in (1) year. Used to run business.
Liabilities =

Where Found?
= Current Liabilities + Long Term Debt

Balance Sheet
Current Liabilities =

Used in what formula?
Accounts Payable + Accruals + Short Term Debt

Liability
Long Term Debt =

Used in what formula?
= Bonds + LT Bank Debt + Mortgages

Liability
Owner's Equity =

Found on what Statement?
Preferred Stock + Common Stock + Retained Earnings

Balance Sheet
Preferred Stock

Used in what Equation?
Hybrid Securities

Owner's Equity
Common Stock
Where does this $ come from?

Used in what Equation?
Stock sold to the public,
$ initially raised goes in here
Owner's Equity
Retained Earnings


Used in what Equation?
Cummalative amount of reinvested profit over the life of the company.
Owner's Equity
Accounts Payable
$$ borrowed from a supplier
Accruals
Services you have not yet paid for.