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ACCT 2301 Ch 1 Terms

ACCT 2301 Chapter 1 Terms

Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users.
Annual Report A report prepared by corporate management that presents financial information including financial statements, a management discussion and analysis section, notes, and an independent auditor's report.
Assets Resources owned by a business.
Auditor's report A report prepared by an independent outside auditor stating the auditor's opinion as to the fairness of the presentation of the financial position and results of operations and their conformance with generally accepted accounting principles.
Balance sheet A financial statement that reports the assets and claims to those assets at a specific point in time.
Basic accounting equation Assets = Liabilities + Stockholders' Equity
Certified public accountant (CPA) An individual who has met certain criteria and is thus allowed to perform audits of corporations.
Common stock Term used to describe the total amount paid in by stockholders for the shares they purchase.
Corporation A business organized as a separate legal entity owned by stockholders.
Dividends Payments of cash from a corporation to its stockholders
Expenses The cost of assets consumed or services used in the process of generating revenues.
Income statement A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time.
Liabilities Amounts owed to creditors in the form of debts and other obligations.
Management discussion and analysis (MD&A) A section of the annual report that presents management's views on the company's ability to pay near-term obligations, its ability to fund operations and expansion, and its results of operations.
Net income The amount by which revenues exceed expenses.
Net loss The amount by which expenses exceed revenues.
Notes to the financial statements Notes clarify information presented in the financial statements and provide additional detail
Partnership A business owned by two or more persons associated as partners.
Retained earnings The amount of net income retained in the corporations.
Retained earnings statement A financial statement that summarizes the amounts and causes of changes in retained earnings for a specific time period.
Revenue The increase in assets or decrease in liabilities resulting from the sale of goods or the performance of services in the normal course of business.
Sarbanes-Oxley Act (SOX) Regulations passed by Congress to reduce unethical corporate behavior.
Sole proprietorship A business owned by one person.
Statement of cash flows A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time
Stockholders' equity The owners' claim to assets.
Created by: Desy91
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