Accounting chapter 1 (2)

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  1. want to make good decisions related to buying and selling their shares of the company's stock; buy ownership in the company and have the right to share in the company's profits
    investors
  2. make decisions related to lending money to the company
    creditors
  3. Measurement of business activities of a company and communication of those measurements to external parties for decision-making purposes.
    financial accounting
  4. Accounting information that is provided for internal users (managers)
    managerial accounting
  5. An entity that is legally separate from its owners.
    corporation
  6. revents stockholders from being held personally responsible for the financial obligations of the corporation.
    limited liability
  7. A business owned by one person.
    sole partnership
  8. Business owned by two or more persons.
    partnership
  9. A financial statement that reports the company's revenues and expenses over an interval of time.
    income statement
  10. A financial statement that summarizes the changes in stockholders' equity over an interval of time. (Common Stock + Retained Earnings)
    Statement of stockholders' equity
  11. Represents all net income, less all dividends, since the company began.
    retained earnings
  12. A financial statement that presents the financial position of the company on a particular date. (Assets = Liabilities + Stockholders' Equity)
    balance sheet
  13. A financial statement that measures activities involving cash receipts and cash payments over a period of time.
    Statement of cash flows

Card Set Information

Author:
hey_itsdarra
ID:
334109
Filename:
Accounting chapter 1 (2)
Updated:
2017-09-11 06:14:08
Tags:
UofM accounting
Folders:
UofM accounting
Description:
chapter 1
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