Set of international accounting standards explaining how types of transactions and events are reported in financial statements; IFRS are issued by the International Accounting Standards Board.
Set of international accounting standards explaining how types of transactions and events are reported in financial statements; IFRS are issued by the International Accounting Standards Board.
Managerial Accounting
Area of accounting aimed mainly at serving the decision-making needs of internal users.
Matching Principle
Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.
Net Income
Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called income, profit, or earnings. revenues- expenses
net loss
excess of expenses over revenues for a period
Owner Investments
Assets put into the business by the owner.
Partnership
Unincorporated association of two or more persons to pursue a business for profit as co-owners.
Proprietorship
Business owned by one person that is not organized as a corporation. also called sole…
Recordkeeping
Part of accounting that involves recording transactions and events, either manually or electronically; also called bookkeeping.
retained earnings
Cumulative income less cumulative losses and dividends.
return
Monies (or sums of money) received from an investment; often in percent form.
Revenues
Gross increase in equity from a company’s business activities that earn income; also called sales.
risk
Uncertainty about an expected return.
shareholders
Owners of a corporation; also called stockholders.
shares
Equity of a corporation divided into ownership units; also called stock.
Sole Proprietorship
Business owned by one person that is not organized as a corporation. also called proprietorship
Statement of Cash Flows
A financial statement that lists cash inflows and cash outflows during a period; arranged by operating, investing, and financing.
Statement of Retained Earnings
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