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Accounting chapter 2

Accounting 203 GMU - chapter 2

QuestionAnswer
on a classified balance sheet what assets are listed 1. current assets 2. long term investments 3. property, plant, and equipment 4. intangible assets
on a classified balance sheet what liabilities and stockholders equity are listed current liabilities long-term liabilities stockholders equity
what is the operating cycle? is the average time required to go from cash to cash in producing revenue
earning per share (EPS) net income - preferred dividends/ weighted average common shares outstanding
working capital current assets - current liabilities
current ratio current assets / current liabilities
debt to asset ratio total liabilities / total assets
free cash flow net cash - capital expenditures - cash dividends
GAAP generally accepted accounting principles
SEC securities and exchange commission
FASB financial accounting standards board
IFRS international financial reporting standards
what are the enhancing qualities 1. comparability 2. verifiability 3. timeliness 4. understandability
assumptions in financial reporting 1. monetary unit assumption 2. economic entity assumption 3. periodicity assumption 4. going concern assumption MEPG
two qualities of useful information relevance faithful representation
relevance the quality of information that indicates the inf makes a difference in a decision
faithful representation the desire to minimize errors and bias in financial statements
comparability ability to easily evaluate one company's results relative to another
consistency a company's use of the same accounting principles and methods from year to year
monetary unit assumption reporting only those things that can be measured in dollars
economic entity assumption tracing accounting events to particular companies
periodicity assumption the practice of preparing financial statements at regular intervals
going concern assumption belief that a company will continue to operate for the foreseeable future
historical cost principle a belief that items should be reported on the balance sheet at the price that was paid to acquire the item.
full disclosure principle the reporting of all information the would make a difference to financial statement users
materiality the judgment concerning whether an item is large enough to matter to decision makers
Created by: goudakid78