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ACCTG211(SP11-WC) #1

Chapter 1

QuestionAnswer
Residual from the deduction of all expenses from all revenues Net Income
Description of negative net income Net Loss
Cash transactions related to the ordinary conduct of business e.g., receipts from services performed; payments to employees; payments to vendors Cash Flow from Operating Activities
Companies that sell others' products to their customers e.g., Target (big box retail); Macy's (department store); Best Buy (electronics) Merchandising Company
The costs of generating revenue e.g., advertising, rent, salaries Expenses
Income statement structured as follows: Sales; Less: Cost of Goods Sold; Gross Profit; Less: Operating Expenses; Net Income Multi-step Income Statement
Guidelines for financial reporting Generally Accepted Accounting Principles (GAAP)
A record of a company's financial position at a particular point in time Balance Sheet
A company that does something for its customers e.g., Ameritrade (online brokerage); Price Waterhouse Coopers (accounting & auditing); McKinsey & Co. (management consulting) Service Company
A financial statement that shows all cash collected and disbursed during a fiscal period; cash flows are categorized as operating, investing, or financing Statement of Cash Flows
Things of value owned or controlled by a business e.g., cash; inventories; buildings Assets
The accumulated net income of a company over its life reduced by the total dividends paid to owners during its life; represent cumulative earnings that have been kept in the company; represent the earned portion of the owners' claims Retained Earnings
Cash transactions related to the financing of a business, e.g., issuance of stock to owners; repayment of loan principal Cash Flow from Financing Activities
The cost of borrowing money Interest
Owners of a corporation Shareholder
A financial statement that shows changes in the balances of contributed capital and retained earnings during a fiscal period and is structured as follows: Beginning Contributed Capital; Add: Issuance of Common Stock; Ending Contributed Capital; Beginning Statement of Changes in Stockholders' Equity
Companies that produce the goods they sell e.g., Ford Motor (automobiles); Apple (computers); Proctor & Gamble (household products) Manufacturing Company
Units of ownership in a corporation Shares of Common Stock
Owners' claims to the assets of a company; comprised of contributed capital and retained earnings Stockholders' (Shareholders') Equity
Amounts a company owes to parties outside the business e.g., loans; unpaid salaries; supplies purchased on credit Liabilities
Resources used to start a business Capital
Cash transactions that involve the acquisition and disposal of long-term assets used in a business e.g., sale of equipment; purchase of land Cash Flow from Investing Activities
A year in the life of a business e.g., January 1-December 31; October 1–September 30; February 1-January 31 Fiscal Year
A legal form for a business that separates the owners from the business Corporation
Side-by-side reporting of consecutive fiscal period balance sheets Comparative Balance Sheets
An owner's investment in a company Contributed Capital
Distributions of a corporation's earnings to owners Dividend
The amount a company earned from providing goods or services Revenue (Sales)
Marketplace where buyers and sellers exchange their shares of stock (including the Internet) Stock Exchange (Market)
Created by: jlb89 on 2011-01-06



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