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Accounting Terms

Foundations of Business Ch. 15 Vocabulary

TermDefinition
accounting the process of systematically collecting, analyzing, and reporting financial information
accounting equation the basis for the accounting process: assets = liabilities + owners’ equity
annual report a report distributed to stockholders and other interested parties that describes a firm’s operating activities and its financial condition
assets the resources that a business owns
balance sheet (or statement of financial position) a summary of the dollar amounts of a firm’s assets, liabilities, and owners’ equity accounts at the end of a specific accounting period
cost of goods sold the dollar amount equal to beginning inventory plus net purchases less ending inventory
current assets assets that can be converted quickly into cash or that will be used in one year or less
current liabilities debts that will be repaid in one year or less
depreciation the process of apportioning the cost of a fixed asset over the period during which it will be used
earnings per share a financial ratio calculated by dividing net income after taxes by the number of shares of common stock outstanding
fixed assets assets that will be held or used for a period longer than one year
gross profit a firm’s net sales less the cost of goods sold
income statement a summary of a firm’s revenues and expenses during a specified accounting period
intangible assets assets that do not exist physically but that have a value based on the rights or privileges they confer on a firm
long-term liabilities debts that need not be repaid for at least one year
net income occurs when revenues exceed expenses
liabilities a firm’s debts and obligations
net loss occurs when expenses exceed revenues
net sales the actual dollar amounts received by a firm for the goods and services it has sold after adjustment for returns, allowances, and discounts
operating expenses all business costs other than the cost of goods sold
owners’ equity the difference between a firm’s assets and its liabilities
retained earnings the portion of a business’s profits not distributed to stockholders
Created by: BreAnna Hegeman