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QuestionAnswer
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.
Created by: 607483217
 

 



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