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Financial Statements

ACCT 102 Midterm #1

TermDefinition
Balance Sheet reports Assets, Liabilities, and Owner's Equity
Assets = Liabilities + Owners Equity
OE = Capital Stock + RE
Book Value The value of a company as measured by the amount of owners' equity; that assets less liabilities
Fair Market Value The value of a company as measured by the number of shares of stock outstanding multiplied by the current market price of the stock; the current value of the business
Income Statement reports the amount of net income earned by a company during a period.
Statement of Cash Flows Answers what happened to the money, runs solely on a cash basis. - Why/where the money went and where it came from is important
Cost Principle The idea that transactions are recorded at their historical costs or exchange prices at the transaction date.
Arm's length transactions business dealings between independent and rational parties who are looking for their own interests
Monetary Measurement The idea that money is the accounting unit of measurement and that only economic activities measurable in monetary are included. (Notes are supplementary)
Going Concern assumption the idea that an accounting entity will have a continuing existence for the foreseeable future.
Double Entry Accounting A system of recording transactions in a way that maintains the equality of the accounting equation.
Classified Balance Sheet A balance sheet in which assets and liabilities are subdivided into current and longterm categories
Created by: cindysmile79