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Accounting
| Question | Answer |
|---|---|
| Asset | Resources owned by a company. |
| Liabilities | Amounts owed to creditors. |
| Stockholder's Equity | Owner's claim to resources. |
| Accounting Equation | The 3 measurement categories: Asset = Liabilities + Stockholder's Equity |
| Revenues | Amounts earned from selling products or services to customers. |
| Expenses | The costs of providing products and services. |
| Net Income | The difference between revenues and expenses. |
| Dividens | If the corporation has positive net income, it typically will distribute to its owners, the stockholders, some of those profits in form of a cash payment. |