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15 Cards in this Set

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balance sheet
reports the financial position of an accounting entity at a particular point in time
basic accounting equation
assets = liabilities + stockholder's equity
assets
resources owned by the company. measured as the total cost incurred when acquired.
liabilities
debts or obligations.
accounts payable
the purchase of goods or services from suppliers on credit without a formal written contract (or a note). notes payable.
stockholder's equity (se)
the amount of financing provided by owners of the business and earnings. comes from cc and retained earnings.
revenue
sale of goods or services. are reported whether or not they have been paid for.
statement of retained earnings
beginning re + net income - dividends = ending re
change in cash =
+/- flow from operating activities, investing activities, and financing activities
price/earnings ratio =
market price/net income
list assets
cash, accounts receivable, notes receivable, inventory, supplies, prepaid expenses, investments, equipment, buildings, land, intangibles
liabilities
accounts payable, accrued expenses payable, notes payable, taxes payable, unearned revenue, bonds payable
stockholder's equity
contributed capital and retained earnings
revenues
sales revenue, fee revenue, interest revenue, and rent revenue
expenses
cost of goods sold, wages expense, rent expense, interest expense, depreciation expense, advertising expense, income tax expense