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33 Cards in this Set

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what is Stockholder's Equity?
financing provided by owners ofthe business and operations. It is the claim of the ownersto the assets of the business after the creditor claims have been satisfied.
residual interst because it represents assets - liabilities
what is the accounting equation for Statement of Retained earnings?
Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends.
How are accounting measurements determined in the U.S?
The Securities and Exchange Commission and The Financial Accounting Standards Board.


What is a Sole Proprietorship?
an unincomporated business owned by one individual.
what is a Partnership?
unincorporated association of two or more individuals to carry on a business
what is a Corporation?
a business that is organzied under the laws of particular state whereby a charter is granted and the entity os authorized to issue shares of stock as evidence of ownership by the owners.
SEC
Securities and Exchange Commission
Audit
An examination of the financial reports to assure that they represent what they claim and conform with generally accepted accounting principles.
Sole Proprietorship
An unincorporated business owned by one person.
Accounting
A system that collects and process financial information about an organization and reports that information to decision makers.
Seperate Entity
The organizaiton for which financial data areto be collected (separate and distinct from its owners)
Audit Report
A report that describes the auditors' opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion.
Cost Principle
Initial recording of financial statement elements at acquistion cost.
FASB
Financial Accounting Standards Board
CPA
Certifed Public Accountant
Unit of measure
measurement infomation about an entity in the monetary unit- dollars or other national currency.
GAAP
Generally accepted accounting principles
Publicly traded
A company with stock that can be bought andsold by investors on established stock exchanges.
Accounts payable
Liability
Accounts receivable
Asset
Cash and cash equivvalents
Asset
Cost of prdoucts sold
Expense on income statement
Property, plant and equipment
Asset
Income taxes
Expenses on income statement
Interest Expense
Expenses
Inventories
Asset
Land
Asset
Marketing, administrative, and other operating expenses
Expenses
Long-term Debt
Liability
Net Sales
Revenue on income statement
Notes Payable
Liability
Retained Earnings
Stockholder's equity
Taxes payable
Liability