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BUSN-1010 Conroy 15

Chapter 15

QuestionAnswer
Accounting The measuring, classifying, analyzing, and communicating of financial information to help people inside and outside a company make good financial decisions.
Accounts Receivable The total amount owed to a firm from customers who have purchased goods and services on credit.
Asset Anything of value that owned by a firm.
Balance Sheet Statement of a firm's financial condition at a given time by showing its assets, liabilities, and owners' equity.
CPA Have met certain requirements for education and experience and have passed a series of examinations established by the AICPA.
Liability A debt owed by a firm to an outside individual or organization.
Liquidity The essential feature of current assets, as they are easily converted into cash.
Net Income The firm's profit or loss after paying income taxes is determined by subtracting expenses from revenues.
Owners' Equity Also called stockholders' equity, represents the value of a firm if its assets were sold and its debts paid.
Retained Earnings Net profits minus dividend payments made to stockholders; they are earnings retained by a firm for its own use.
Created by: chuck2983