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Commercial UW AU60

Commercial Underwriting Principles Assgnt 5 of 8

Accounting The classification, analysis, and determination of the appropriate method of reporting the effects of the bookkeeping records in an organization's financial statements.
Balance Sheet The financial statement that reports the assets, liabilities, and owner's equity of an organization as of a specific date.
Current assets A balance sheet asset classification that includes cash and other assets that are expected to be converted into cash, sold, or exchanged within the business's normal operating cycle, usually one year.
Receivables An asset classification that consists of the amounts owed to a company by customers and other outsiders.
Marketable securities An asset classification that includes temporary investments that can easily be converted into cash.
Inventory An asset classification that consists of goods available for sale to customers; for a manufacturing company, also includes raw materials and finished goods.
Prepaid expenses An asset classification that represents the amount that has already been paid for services that have not been received or used.
Current liabilities A balance sheet liability classification that includes obligations whose payments are reasonably expected to require the use or cash or the creation of other current liabilities within one year.
Retained earnings The cumulative net income that an organization has retained, after payment of dividends, for reinvestment in the organization's operations.
Revenue The inflow of assets, usually cash or accounts receivable, resulting from the sale of products or the rendering of services to customers.
Gross profit An income statement value that represents sales or operating revenue minus the cost of goods sold.
Gross margin (gross profit margin) The percentage of sales remaining after deducting the cost of goods sold from sales, calculated by dividing gross profit by sales.
Operating income An income statement value that reflects income that results from the normal operations of the business during the period covered by the statement; calculated as the gross profit less selling, general and administrative expenses.
Comprehensive income A measure of income that goes beyond that reported on the income statement by including items such as unrealized gains and losses.
Statement of changes in shareholders' equity The financial statement that explains any changes that have occurred in the organization's capital accounts during a specific period.
Paid-in capital The total amount invested in an organization by the owners.
Treasury stock A corporate stock issued as fully paid to a stockholder and subsequently reacquired by the corporation to use for business purposes.
Created by: lorrainel007
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