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Accounting ll

Ch. 25 vocab

TermDefinition
Stockholder An owner of one or more shares of a corporation.
Retained Earnings An amount earned by a corporation and not yet distributed to stockholders.
Dividends Earnings distributed to stockholders.
REMEMBER: Dividends Dividends is a temporary account that is closed to Retained Earnings at the end of the fiscal period.
Board of Directors A group of persons elected by the stockholders to manage a corporation.
CONCEPT: Business Entity Financial information is recorded and reported separately from the owner's personal financial information.
Declaring a Dividend Action by a board of directors to distribute corporate earnings to stockholders.
CONCEPT: Accounting Period Cycle Changes in financial information are reported for a specific period of time in the form of financial statements.
REMEMBER: Merchandise Inventory If the ending merchandise inventory is less than the beginning merchandise inventory, the difference (decrease) is debited to Income Summary and credited to Merchandise Inventory.
Created by: mmincy