Financial Accounting

Front 1

SEC

Back 1

Securities and Exchange Commission

Front 2

Investing Activities

Back 2

Buying and selling productive resources with long lives

Front 3

Private company

Back 3

A company that sells shares of its stock privately and is not required to release its financial statements to the public

Front 4

Corporation

Back 4

An incorporated business that issues shares of stock as evidence of ownership

Front 5

Accounting

Back 5

A system that collects and processes financial information about an organization and reports that information to decision makers

Front 6

Partnership

Back 6

An unincorporated business owned by two or more persons

Front 7

FASB

Back 7

Financial Accounting Standards Board

Front 8

Financing activities

Back 8

Transaction with lenders (borrowing and repaying cash) and stockholders (selling company stock and paying dividends)

Front 9

Unit of Measure

Back 9

Measurements of information about a business in the monetary unit (USD)

Front 10

GAAP

Back 10

Generally accepted accounting principles

Front 11

Public company

Back 11

A company that has its stock brought and sold by investors

Front 12

Operating activities

Back 12

Activities directly related to running the business to earn profit

Front 13

Relevance

Back 13

A feature of financial information that allows it to influence a decision

Front 14

Reliability

Back 14

Financial information that is unbiased and verifiable

Front 15

Comparability

Back 15

Financial information that can be compared across businesses because similar accounting methods have been applied

Front 16

Consistency

Back 16

Financial information that can be compared over time because similar accounting methods have been applied

Front 17

Assets

Back 17

The resources owned by a business

Front 18

Liabilities

Back 18

The amounts owed by the business

Front 19

Stockholders' equity

Back 19

The total amounts invested and reinvested in the business by its owners

Front 20

Revenues

Back 20

Earned by selling goods or services to customers

Front 21

Expenses

Back 21

The costs of business necessary to earn revenues

Front 22

Separate entity

Back 22

The financial reports of a business are assumed to include the results of only that business's activities

Front 23

What category is and what statement does it belong accounts payable?

Back 23

Liability, Balance Sheet

Front 24

What category is and what statement does it belong cash?

Back 24

Asset, Balance Sheet

Front 25

What category is and what statement does it belong retained earnings?

Back 25

Stockholder's Equity, Balance Sheet

Front 26

What category is and what statement does it belong property and equipment?

Back 26

Asset, Balance Sheet

Front 27

What category is and what statement does it belong notes payable?

Back 27

Liability, Balance Sheet

Front 28

What category is and what statement does it belong contributed capital?

Back 28

Asset, Balance Sheet

Front 29

What category is and what statement does it belong accounts receivable?

Back 29

Stockholder's Equity, Balance Sheet

Front 30

What category is and what statement does it belong sales revenue?

Back 30

Revenue, Income Statement

Front 31

What category is and what statement does it belong selling and administrative expenses?

Back 31

Expense, Income Statement

Front 32

What category is and what statement does it belong promotion expense?

Back 32

Expense, Income Statement