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final
| Question | Answer |
|---|---|
| Assets | Probable future economic benefits obtained or controlled by an entity |
| Liabilities | Probably future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. |
| Equity(or net assets) | Called shareholders' equity or stockholder's equity for a corporation it is the residual interest in the assets of an entity that remains after deducting its liabilites |
| Investments by owners | Increases in equity of a particular business enterprise resulting from transfers to it from other entitles of something of value to obtain or increase ownership interests in. |
| Distribution to owners | Decreases is equity of particular enterprise resulting from transfers to owners. |
| Comprehensive income | All changes inequity except owner transactions Total nonowner change in equity for a reporting period |
| Revenues | Increases inequity from the sale of goods and/or services |
| Expenses | Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or other activities that Constitution the entity's ongoing major or central operations |
| Gains | Net inflows generally reported as part of noncorperating income |
| Losses | Net outflows from peripheral transactions |
| Unqualified Opinion(Clean Opinion) | The statements are presented fairly in conformity with GAAP. |
| Qualified Opinion | Scope limitation or a departure from GAAP |
| Adverse | Not fairly presented |
| Disclaimer | Limit on scope, uncertainty, Insufficient information |
| Balance Sheet | An organized array of assets, liabilities, and equity |
| Liquidity | Relates to the amount of time before an asset in converted to cash or a liability is paid. |
| Current assets | Items expected to be converted to cash or consumed within one year or the operating cycle, whichever is longer |
| Operating cycle | Cash to Cash |
| Current liabilities | Will be satisfied through the use of current assets |
| Cash equivalent | One-month U.S. Treasury bill |
| Intangible asset | Lacks of physical substance |
| Working capital | current asset- current liabilities |
| Accrued liabilities | Recorded when an expense is incurred but not yet paid |
| Summary of significant accounting policies | An organized array of assets,liabilities, and equity |
| Subsequent Events | Occurs after the fiscal year-end but before the statements are issued. |
| operating activities | When groupedtogether, essentially net income on a cash |
| restructuring costs | Costs incurred often relate to downsizing |
| noncash financing and investing activities | The acquisition of assets by issuing debt or equity securities. |
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