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reports the changes in the retained earnings account during the period. adjusted for increase (net income) for decrease (dividends and net loss) stock equity of a corporation divided into ownership units, also called, shares stockholders

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reports the changes in the retained earnings account during the period. adjusted for increase (net income) for decrease (dividends and net loss)

stock

equity of a corporation divided into ownership units, also called, shares

stockholders

owners of a corporation

Sustainability

the ability of an item or activity to continue indefinitely for a business, it usually refers to that companies environmental, social, and governance aspect

external users

The primary objective of financial accounting is to provide accounting information that serves….

Objectivity Principle

The accounting concept that requires financial statement information to be supported by independent, unbiased evidence is…..

Corporation

a business legally separated from its owners

liabilities

creditors claim on the assets of a company are called…

Accounts Receivable

assets created by selling goods and services on credit are..

Income Statement

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the …..

137,000

A company is considering the purchase of a parcel of land that was acquired by the seller for 85,000 is offered for sale at 150,000 is assessed for tax purposes at 95,000 is recognized by the purchaser as easily being worth 140,000 and is purchased for 137,000 the land should be recorded in the purchasers books at…

492,000

If equity is $300,000 and liabilities are $192,000, then assets equal:

balance sheet

the financial statement providing information that helps users understand a company’s financial status and which lists the types and amounts of assets liabilities and equity as a specific date is called…

Accounting

Planning, recording, analyzing and interpreting financial information.

Accounting system

 
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