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ACC 207 Exam 1

Chapters 1, 2, and 3

QuestionAnswer
Income statement Revenues-Expenses=Net Income; report of revenues and expenses to show how successfully your business performed during a period of time
Retained Earnings Statement RE New + Net Income - Dividends = RE Old; indicated how much of a previous income was distributed in the form of dividends and how much was retained to allow for future growth
Balance Sheet Presents a picture at a point in time of what your business owns and owes
Statement of Cash Flows Shows where your business obtained cash during a period of time and how the cash was used (financial position)
Ratio Analysis Meaningful when you do a trend analysis or compare with industry
Earnings per share ratio (Net income-preferred dividends)/(Average common shares outstanding)
Working capital Current assets-current liabilities
Current ratio Current assets/current liabilities
Debt to assets ratio Total liabilities/total assets
Free cash flow Cash provided by operations-capital expenditures-cash dividends
Relevance Predictive value and confirmatory value
Faithful representation Complete, neutral, free from error
Assets Liabilities + stockholders' equity
Stockholders' equity Common stock + retained earnings
Retained earnings Revenues - expenses - dividends
AED Assets, expenses, dividends increase with debit, decrease with credit
LRC Liabilities, revenues, common stock decrease with debit, increase with credit
Cash received Debit
Cash Paid Credit
Revenue earned Credit
Expenses incurred Debit
Dividends Debit
Created by: AliRutherford
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