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Accounting Ch1

Balance Statement a financial statement that reports the assets and claims to those assets at a specific point in time
Income Statement a financial statement that represents the revenue and expenses and resulting net income or net loss for a specific period of time
Retained Earnings Statement a financial statement that summarizes the amount and causes f changes in retained earnings for a specific period of time
Statement of Cash Flow a financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time
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 standards
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 Total amount paid in by stockholders for the shares they purcahse
Corporation a business organized as a separate legal entity having ownership divided into transferable shares of stock
Dividends payment of cash from a corporation to its stockholders
Expenses the cost of assets consumed or services used in the process of generating revenues
Liabilites -the debt and obligations of a business -they represent the amount owed to creditors
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 expansions
Net Income the amount by which revenues exceed expenses
Net Loss the amount by which expenses exceed revenues
Notes to the Financial Statmennts notes that clarify information presented in the financial statements as well as expand upon it were additional material is needed
Partnership a business owned by two or more persons associated as partners
Retained Earnings the amount of net income retained in the corporation
Revenue the increase in assets that result from the sale of a product or service in the normal course of business
Sarbanes-Oxley Act Regulations passed by congress in 2002 to try to reduce unethical corporate behavior
Sole Proprietorship a business owned by one person
Stockholders' Equity the owners' clam to assets
Created by: NickUD