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Accounting ll

Ch. 26 vocab

TermDefinition
Accounting Period Cycle Changes in financial information are reported for a specific period of time in the form of financial statements.
Adequate Disclosure Financial statements contain all information necessary to understand a business's financial statement.
Net Sales Total sales less sales discount and sales return and allowances.
Net Purhases Total purchases less purchases discount and purchases returns and allowances.
FYI - Assessing a Corporation The net income before federal income tax is the best measure the corporation has to asses its profitability.
Statement of Stockholder's Equity A financial statement that shows changes in a corporation's ownership for a financial period.
Capital Stock The amounts in the capital stock section of the income statement are obtained from the general ledger account.
Par Value A value assigned to a share of stock and printed on the stock certificate.
FYI - Reporting Assets Book Value An asset's book value is reported on a balance sheet by listing three amounts: 1) the balance of the asset account, 2) the balance of the asset's contra account, and 3) book value.
FYI - Classification of Liabilities Liabilities are classified according to the length of time until they are due. Short time = current liabilities.
Long-term Liabilities Liabilities owed for more than a year.
FYI - Accounting Statement for a Corporation Total assets must equal the total of liabilities and stockholder's equity. If these totals are not equal, identify the errors before preparing closing and reversing entries.
FYI - Corporation Balance Sheet The balance sheet is the primary source of data to determine the financial strength of a business.
Working Capital The amount of total current assets less total current liabilities.
Ratio A comparison between two numbers showing how many times one number exceeds the other.
Current Ratio A ratio that shows the numeric relationship of current assets to current liabilities.
FYI - Corporation Adjusting Entries Because a corporation must pay federal income tax, only a corporation will have an adjusting entry for federal income taxes payable.
FYI - Corporation 4 Closing Entries 1) Closing entry for income statement accounts with credit balances (revenue and contra cost accounts). 2) Closing entry for income statement accounts with debit balances (cost, contra revenue, and expense accounts)
FYI - Corporation 4 Closing Entries (cont.) 3) Closing entry to record net income or net loss in the retained earnings account and close the income summary account. 4) Closing entry for the dividends account.
Created by: mmincy