click below
click below
Normal Size Small Size show me how
BUSN-1010 Conroy 15
Chapter 15
Question | Answer |
---|---|
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. |