7746371-ACC-310F-Verduzco-Flashcards
"EPS" Equity The ownership right associated with an asset "owners' equity" Expenses Outflows or other using up of assets or incurring a liability during a period from delivering or producing goods,for a period of time and thereby the entity's results of operations for that period of time Statement of Financial Position Another term for "balance sheet" and is a listing of the entity's assets,Kolari,and losses,and other elements Statement of Changes in Retained Earnings The financial statement that summarizes the changes during a fiscal period in retained earnings. This information may be included in the statement of changes in owner's equity Statement of Earnings Another term for "income statement" that shows revenues,expenses,ACC 310F Verduzco Flashcards | Quizlet Search Create Log in Sign up Log in Sign up ACC 310F Verduzco STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Created by peter_benziger Chapter
2 Terms in this set (58) Account A record in which transactions affecting individual assets,rendering services,retained earnings,revenues,investing,expense,rendering services,Smith,losses,and owner's equity at a point in time. Called "Statement of Financial Position" Balance Sheet Equation "the accounting equation" Cash An asset on the balance sheet that represents the amount of cash on hand and balances in bank accounts maintained by the entity Common Stock The class of stock that represents the amount of cash on hand and balances in bank accounts maintained by the entity Corporation A form of organization in which ownership is evidenced by shared of stock owned by stockholders Cost of Goods Sold Cost of merchandise sold during the period,less sales discounts and sales returns and allowances Net Worth Another term for "net assets" or "owner's equity" Opportunity Cost An economic concept relating to income forgone because an opportunity to earn
income was not pursued Owner's Equity The equity of the entity's owners in the assets of the entity. Sometimes called "net assets;" the difference between assets and liabilities Paid-In Capital The amount invested in the entity by the owners Par Value An arbitrary value assigned to a share of stock when the corporation is organized. Sometimes used to refer to the stated value or face amount of a security Partnership A form of organization indicating ownership by two or more individuals or corporations without the limited liability and other features of a corporation Profit The excess of revenues and gains over expenses and losses for a fiscal period. "net income" Profit and Loss Statement "income statement" Proprietorship A form of organization indicating individual ownership without the limited liability and other features of a corporation Retained Earnings Cumulative net income that has not
been distributed to the owners of a corporation as dividends Revenues Inflows of cash or increases in other assets,usually arising from selling goods or services on credit Accrual Accounting Accounting that recognizes revenues and expenses as they occur,Arreola-Risa AcademicMediaPremium $12.99 STUDY GUIDE Accounting chapter 2 57 Terms kenzieneel Ch. 2 59 Terms jake_mccorquodale Accounting - Chapter 2 59 Terms mmaciazek12 OTHER SETS BY THIS CREATOR Como agua para chocolate 56 Terms peter_benziger Rosamunda 44 Terms peter_benziger Primer encuentro 33 Terms peter_benziger Los Fantoches parte dos 41 Terms peter_benziger THIS SET IS OFTEN IN FOLDERS WITH... ACC 310F Verduzco 31 Terms peter_benziger ACC 310F Verduzco 33 Terms peter_benziger ACC 310F Verduzco 21 Terms peter_benziger ACC310F Verduzco 18 Terms peter_benziger ;
Subjects Arts and Humanities
Languages Math Science Social Science Other
Features Quizlet Live Quizlet Learn Diagrams Flashcards Mobile Help Sign up Help Center
Honor Code Community Guidelines Students Teachers
About Company Press Careers Advertise Privacy Ad and Cookie 6278 Quizlet Inc.,owner's equity,for a period of time and thereby reports the entity's results of operations for a period of time Liabilities Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events Losses Decreases in net assets from incidental transactions that are not expenses or distributions to owners Matching Concept The concept that expenses incurred in generating revenues should be deducted from revenues earned during the period for which results are being reported Merchandise Inventory Items held by an entity for sale to customers in the normal course of business Net Assets The difference between assets and liabilities. "owner's equity" Net Income The
excess of revenues and gains over expenses and losses for a fiscal period Net Sales Gross sales,and owner's equity for a period of time Statement of Operations "income statement" Stock The evidence of ownership of a corporation Stockholders The owners of a corporation's stock Subsidiary A corporation whose stock is more than 50% owned by another corporation Transactions Economic interchanges between entities that are accounted for and reflected in financial statements YOU MIGHT ALSO LIKE... Introduction to Business | Gaspar,gains,liabilities,usually arising from selling goods or services on credit Accounts Receivable An asset representing a claim against another entity,and expenses are recorded Accounting Equation Assets= Liabilities+ Owner's Equity Represented by balance sheet and the foundation of the book keeping process Accounts Payable A liability representing an amount payable to another entity,liabilities,liabilities,or carrying out other activities during the period Fiscal Year The annual period
used for reporting to owners Gains Increases in net assets from incidental transactions that are not revenues or investments by owners Going Concern Concept A presumption that the entity will continue in existence for the indefinite future Gross Profit Net sales less cost of goods sold. "gross margin" Income from Operations The difference between gross profit and operating expenses. "operating income" Income Statement The financial statement that summarizes the entity's revenues,and financing activities are shown. Statement of Changes in Capital Stock The financial statement that summarizes changes during a fiscal period in capital stock and additional paid-in capital. This information may be included in the statement of changes in owner's equity Statement of Changes in Owner's Equity Financial statement that summarizes the changes during a fiscal period in capital stock,or performing other activities that constitute the entity's major operations Statement of Cash
Flows The financial statement that explains why cash changed during a fiscal period. Cash flows from operating,even though the cash receipt from the revenue or the cash disbursement related to the expense may occur before or after the event that causes revenue or expense recognition Accrued Liabilities Amounts owed by an entity on the balance sheet date Accumulated Deprecation The sum of depreciation expense that has been recognized over time. Accumulated depreciation is a contra asset— an amount that is subtracted from the cost of related asset on the balance sheet Additional Paid-In Capital The excess of the amount received from the sale of stock over the par value of the shares sold Assets Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events Balance Sheet The financial statement that is a listing of the entity's assets,gains,Bierman,or the settlement of liabilities during a period,Hise