Statement Types
Terms
Income & Loss of Income
Money Owed
Whiz Kid
100
A report listing a detailed summary of assets, liabilities and owner's equity on a specific date.
What is the balance sheet?
100
A resource with economic value that an individual, corporation or country owns or controls
What are assets?
100
A financial indicator that usually lasts over one year.
What is a long term ratio?
100
The amount that one borrows?
What is the Principal?
100
Planning, organizing, directing, collecting and decision making.
What are the functions of financial accounting?
200
A statement that lists sources of revenue and expenses.
What is the Income Statement? Also called Profit & Loss Statement.
200
A distribution of a portion of a company's earnings to a class of its shareholders.
What are Dividends?
200
A company's total revenue (equivalent to total sales) minus the cost of goods sold.
What is gross profit?
200
An entity's obligation to pay off a short-term debt to its creditors.
What is accounts payable?
200
Three parts of the Cash Flow Statement.
What are Operating Activities, Financing Activities & Investing Activities?
300
Revenue less expenses.
What is net income or loss?
300
A method of allocating the cost of a tangible asset over its useful life.
What is Depreciation?
300
Spreading an intangible asset's cost over that asset's useful life
What is the Amortization?
300
A company's debts or obligations that are due within one year.
What are Liabilities?
300
The amount by which assets exceed liabilities.
What is Net Worth?
400
Income Statements, Statement of Cash Flows, Balance Sheet.
What are the three main statements used in financial analysis?
400
Outstanding invoices a company has or the money the company is owed from its clients.
What is the Accounts Receivable?
400
Expenses associated with the maintenance and administration of a business on a day-to-day basis.
What is Operating Expenses?
400
Both are concerned with responsibility (or stewardship) to the organization.
What are financial and managerial accounting?
400
Managers, owners, accountants, controllers.
Who are people who should view the financial statements of a company?
500
A statement that shows separate items as a percentage rather than in dollar amounts.
What is a Common-Size Statement?
500
Current assets less inventory divided by current liabilities.
What is The Quick Ratio or Acid Test?
500
The amount of sales you are turning into profit for the business.
What is the rate of return?
500
When a company's liquid assets are decreasing.
What is negative cash flow?
500
Total expenses and total revenues.
What is the area of the income statement that would indicate the success/failure of a business?
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