The Balance Sheet
The Income Statement
The Statement of Retained Earnings
The Statement of Cash Flows
100
The first asset reported on the balance sheet.
What is cash.
100
This concept assumes all business is reported in US dollars.
What is the unit of measure assumption.
100
Redistribution of earnings to investors.
What is dividends.
100
This statement includes only those activities where _________ changes hands.
What is cash.
200
An economic resource presently controlled by a company.
What is an asset.
200
This is the first line item of the income statement.
What is revenues.
200
This statement explains all changes in stockholders' ______ accounts.
What is equity.
200
These cash flow activities are directly related to running the business.
What is operating activities.
300
A measurable amount owed to creditors.
What is a liability.
300
________ accumulate and report the effects of each different business activity.
What is accounts.
300
The profits that have accumulated in a company over time.
What is retained earnings.
300
These cash flow activities involve buying and selling productive resources with long lives.
What is investing activities.
400
The two items that make up stockholders equity.
What is common stock and retained earnings.
400
This is subtracted from revenues to get net income.
What is expenses.
400
This is added to beginning retained earnings to determine the end of period value.
What is net income.
400
These cash flow activities include any borrowing from banks, repaying bank loans, receiving cash from stockholders or paying dividends.
What is financing activities.
500
The basic accounting equation.
What is assets = liabilities + stockholders equity.
500
These two characteristics must be present for financial information to be judged useful.
What is relevance and faithful representation.
500
This is subtracted from beginning retained earnings to determine the end of period value.
What is dividends.
500
Cash does not always equal this amount from another financial statement.
What is net income.
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