Financial Accounting

Front 1

balance sheet

Back 1

reports the financial position of an accounting entity at a particular point in time

Front 2

basic accounting equation

Back 2

assets = liabilities + stockholder's equity

Front 3

assets

Back 3

resources owned by the company. measured as the total cost incurred when acquired.

Front 4

liabilities

Back 4

debts or obligations.

Front 5

accounts payable

Back 5

the purchase of goods or services from suppliers on credit without a formal written contract (or a note). notes payable.

Front 6

stockholder's equity (se)

Back 6

the amount of financing provided by owners of the business and earnings. comes from cc and retained earnings.

Front 7

revenue

Back 7

sale of goods or services. are reported whether or not they have been paid for.

Front 8

statement of retained earnings

Back 8

beginning re + net income - dividends = ending re

Front 9

change in cash =

Back 9

+/- flow from operating activities, investing activities, and financing activities

Front 10

price/earnings ratio =

Back 10

market price/net income

Front 11

list assets

Back 11

cash, accounts receivable, notes receivable, inventory, supplies, prepaid expenses, investments, equipment, buildings, land, intangibles

Front 12

liabilities

Back 12

accounts payable, accrued expenses payable, notes payable, taxes payable, unearned revenue, bonds payable

Front 13

stockholder's equity

Back 13

contributed capital and retained earnings

Front 14

revenues

Back 14

sales revenue, fee revenue, interest revenue, and rent revenue

Front 15

expenses

Back 15

cost of goods sold, wages expense, rent expense, interest expense, depreciation expense, advertising expense, income tax expense