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Chapters 14-16
Financial Statements
| Term | Definition |
|---|---|
| Accumulated Depreciation | The total amount of depreciation expense that has been recorded since the purchase of a plant asset |
| Retained Earnings | An amount earned by a corporation and not yet distributed among stockholders |
| Dividends | Earnings distributed to stockholders |
| Board of Directors | A group of people elected by the stockholders to manage a corporation |
| Declaring Dividend | An action by a board of directors to distribute corporate earnings to stockholders |
| Merchandise Inventory | The amount of goods on hand for sale to customers |
| Uncollectible Accounts | Accounts receivable that cant be collected |
| Allowance Method of Recording Losses from uncollectible accounts | Crediting the estimated value of uncollectible accounts to contra accounts |
| Book Value | The difference between the balance of accounts receivable and its other account- Allowance of Uncollectible Accounts |
| Book Value of Accounts Receivable | Allowance for Uncollectible Accounts |
| Current Assets | Cash and other assets expected to be exchanged for cash or to be consumed within a year |
| Plant Assets | Assets that will be used for a number of years in operation of a business |
| Depreciation Expense | A portion of a plant asset's cost that is transferred to an expense account in each fiscal period |
| Estimated Salvage Value | The amount an owner expects to receive when a plant asset is removed |
| Straight line method of Depreciation | Charging an equal amount of depreciation expense for a plant asset in each year |
| Net Sales | Total Sales less sales discount and sales return and allowances |
| Cost of Merchandise Sold | The original price of all merchandise sold during a fiscal period |
| Gross Profit on Sales | The revenue remaining after cost of merchandise sold has been deducted |
| Financial Ratio | A comparison between two or more items of financial information |
| 'Earnings per Share | The amount of net income after federal income tax belonging to a single share of stock |
| Price Earnings Ratio | The relationship between the market value per share and earnings per share of a stock |
| Statement of stockholder's equity | A financial statement that shows changes in a corporation's ownership for a fiscal period |
| Par Value | A value assigned to a share of stock and printed on the stock certificate |
| Current Liabilities | Liabilities due within a short time, usually within a year |
| Long-term liabilities | Liabilities owed for more than a year |
| Supporting Schedule | A report prepared to give details about an item on a principal financial statement |
| Book Value of Plant Assets | Assets that are plant based on the amount taken from owner's equity |
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KKK grand wizard
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