Chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Residual from the deduction of all expenses from all revenues | Net Income
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| Description of negative net income | Net Loss
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| Cash transactions related to the ordinary conduct of business e.g., receipts from services performed; payments to employees; payments to vendors | Cash Flow from Operating Activities
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| Companies that sell others' products to their customers e.g., Target (big box retail); Macy's (department store); Best Buy (electronics) | Merchandising Company
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| The costs of generating revenue e.g., advertising, rent, salaries | Expenses
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| Income statement structured as follows: Sales; Less: Cost of Goods Sold; Gross Profit; Less: Operating Expenses; Net Income | Multi-step Income Statement
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| Guidelines for financial reporting | Generally Accepted Accounting Principles (GAAP)
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| A record of a company's financial position at a particular point in time | Balance Sheet
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| A company that does something for its customers e.g., Ameritrade (online brokerage); Price Waterhouse Coopers (accounting & auditing); McKinsey & Co. (management consulting) | Service Company
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| A financial statement that shows all cash collected and disbursed during a fiscal period; cash flows are categorized as operating, investing, or financing | Statement of Cash Flows
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| Things of value owned or controlled by a business e.g., cash; inventories; buildings | Assets
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| The accumulated net income of a company over its life reduced by the total dividends paid to owners during its life; represent cumulative earnings that have been kept in the company; represent the earned portion of the owners' claims | Retained Earnings
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| Cash transactions related to the financing of a business, e.g., issuance of stock to owners; repayment of loan principal | Cash Flow from Financing Activities
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| The cost of borrowing money | Interest
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| Owners of a corporation | Shareholder
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| A financial statement that shows changes in the balances of contributed capital and retained earnings during a fiscal period and is structured as follows: Beginning Contributed Capital; Add: Issuance of Common Stock; Ending Contributed Capital; Beginning | Statement of Changes in Stockholders' Equity
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| Companies that produce the goods they sell e.g., Ford Motor (automobiles); Apple (computers); Proctor & Gamble (household products) | Manufacturing Company
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| Units of ownership in a corporation | Shares of Common Stock
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| Owners' claims to the assets of a company; comprised of contributed capital and retained earnings | Stockholders' (Shareholders') Equity
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| Amounts a company owes to parties outside the business e.g., loans; unpaid salaries; supplies purchased on credit | Liabilities
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| Resources used to start a business | Capital
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| Cash transactions that involve the acquisition and disposal of long-term assets used in a business e.g., sale of equipment; purchase of land | Cash Flow from Investing Activities
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| A year in the life of a business e.g., January 1-December 31; October 1–September 30; February 1-January 31 | Fiscal Year
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| A legal form for a business that separates the owners from the business | Corporation
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| Side-by-side reporting of consecutive fiscal period balance sheets | Comparative Balance Sheets
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| An owner's investment in a company | Contributed Capital
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| Distributions of a corporation's earnings to owners | Dividend
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| The amount a company earned from providing goods or services | Revenue (Sales)
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| Marketplace where buyers and sellers exchange their shares of stock (including the Internet) | Stock Exchange (Market)
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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