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Cards In This Set
| Front | Back |
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The accumulated net income earned since the inception of the corporation and not yet paid to shareholders is referred to as:
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Retained Earnings
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Measuring business activities and reporting those measurements to external parties is the function of:
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financial accounting
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Profits that have accumulated in the company over time are called:
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retained earnings
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The following are financial statements:
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-Income statement
-Statement of stockholders' equity -Balance sheet |
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The form a business organization where an entity is legally separate from its owners and issues shares of stock is a:
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Corporation
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1. Statement of Cash Flows
2. Income Statement 3. Balance sheet |
1. Operating, investing, and financing activities.
2. Revenues and expenses. 3. Assets, liabilities, and stockholders' equity. |
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The classifications on the statement of cash flows are cash flows from:
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-Investing activities
-Financing activities -Operating activities |
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True or false:
The fundamental activities of a business are selling activities and marketing activities. |
False
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______ is earned by selling goods or services to customers.
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Revenue
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The financial statement that displays a firm's financial position on a particular date is the
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Balance sheet
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The financial statement that provides information about cash receipts and cash disbursements for the period is the:
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statement of cash flows
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What are the two primary functions of accounting?
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-Communicate useful information to decision makers.
-Provide a system of maintaining records of a company's operations |
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The three most common forms of a business organization are:
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sole proprietorship, partnership, and corporation.
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An advantage of the corporate form of organization is that a corporation:
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has limited liability.
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What items are found on a balance sheet?
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-assets
-stockholders' equity -liabilities |
