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12 Cards in this Set
- Front
- Back
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Accounting |
A system of analyzing, recording, and summarizing the results of a business's activities and then reporting the results to decision makers. |
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Financial Statements |
Accountinf reports that summarize the financial results of operating, investing, and financing activities. |
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Basic Accounting Equation |
A=L+SE |
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Separate Entity Assumption |
The financial reports if a business are assumed to include the results of only the business's activities. |
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Creditors |
Anyone to whom money is owed. |
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Investors |
Existing and potential stockholders. |
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Directors |
Board of directors. Elected to oversee managers. |
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Asset |
An economic resource presently controlled by the company. |
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Liabilities |
Measurable amiunts that tge company owes to creditors. |
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Stockholders' Equity |
Represents the owners' claims on the business. |
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Common stock |
Equity paid in by stockholders. |
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Retained Earnings |
Equity earned by the company. |
