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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.

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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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