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15 Cards in this Set
- Front
- Back
balance sheet
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reports the financial position of an accounting entity at a particular point in time
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basic accounting equation
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assets = liabilities + stockholder's equity
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assets
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resources owned by the company. measured as the total cost incurred when acquired.
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liabilities
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debts or obligations.
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accounts payable
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the purchase of goods or services from suppliers on credit without a formal written contract (or a note). notes payable.
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stockholder's equity (se)
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the amount of financing provided by owners of the business and earnings. comes from cc and retained earnings.
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revenue
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sale of goods or services. are reported whether or not they have been paid for.
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statement of retained earnings
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beginning re + net income - dividends = ending re
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change in cash =
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+/- flow from operating activities, investing activities, and financing activities
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price/earnings ratio =
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market price/net income
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list assets
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cash, accounts receivable, notes receivable, inventory, supplies, prepaid expenses, investments, equipment, buildings, land, intangibles
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liabilities
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accounts payable, accrued expenses payable, notes payable, taxes payable, unearned revenue, bonds payable
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stockholder's equity
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contributed capital and retained earnings
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revenues
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sales revenue, fee revenue, interest revenue, and rent revenue
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expenses
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cost of goods sold, wages expense, rent expense, interest expense, depreciation expense, advertising expense, income tax expense
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