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Accounting Terms

Review of Book Chapters Terms

TermDefinition
Stakeholders The users of accounting information
Net Earnings/Net Profit/Net Income Residuals when revenues exceed expenses.
Distributions/Withdrawals/Dividends The transfer of assets from a business to it's owners
Common Stock Common stock is a security that represents ownership in a corporation. Holders of common stock exercise control by electing a board of directors and voting on corporate policy.
Equity/Stockholders Equity/Owners Capital/Partners Equity Stockholders' equity represents the equity stake currently held on the books by a firm's equity investors
Where does a stock issue transaction affect the accounting equation? Affects in 2 places under cash and common stock.
Asset Exchange (AE) Trading one asset for another. Cash --> Land
Asset Source (AE) A transaction that increases the business's assets and it's stockholders equity (claims)
Revenue an economic benefit a company obtains by providing customers with goods and services. Revenue affects retained earnings.
Retained Earnings the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business, or to pay debt.
Asset Use (AU) Decrease the total amount of assets and the total amount of claims.
How does revenue affect retained earnings? Revenue goes up, retained earnings go up.
General Ledger The complete collection of a company's accounts.
What are the 4 financial statements? Income Statement, Statement of Changes in Stockholders Equity, Balance Sheet, Statement of Cash Flows
Income Statement Matches the expenses with the revenues that occur when operating a business.
Net Loss When expenses are greater than revenues
Statement of changes in stockholder's equity explains the effects of transactions on equity during the accounting period
Balance Sheet Total assets balancing with total claims.
Statement of Cash Flows Explains how a company obtained and used cash during the accounting period
Financing Activity (FA) any activity that finances your business
Investing Activity (IA) Involve paying cash to obtain assets for the business
Operating Activity (OA) Receiving cash from revenue and paying cash for expenses
Created by: ArtemisDC