Vocabulary
the portion of equity interest in a subsidiary not attributable to the parent company
What is Non-controlling interest?
What does the Balance Sheet prove?
What is the accounting equation?
Assets = Liabilities + Stockholders' Equity
The final item on an Income statement
What is EPS?
Net Income + depreciation expense -(+) changes in current assets and liabilities
What is the Net Cash Provided or Used from Operating Activities?
Originally, meant to denote the legal capital share to retain by company for each share of stock issued
What is par value?
the planned timing of revenues, expenses, gains and losses to smooth out bumps in earnings
What is Earning management?
Using various categories to report assets, liabilities and stockholders' equity?
What is preparing a Classified Balance Sheet?
Disposing of a unit or segment or an organizations that results in a gain or loss; presented net of tax as loss form Operations and loss from Disposal
Changes to Non-Current Assets are recorded in this section
What is the Investing Section?
Name three components of the Stockholders' Equity
What are Common Stock, Preferred Stock, APIC, Treasury Stock and Non-controlling interest?
Computes the net earnings of an organization in steps by organizing revenues and expenses in primary and secondary classifications.
What details must be recorded in the Stockholders' section of the balance sheet?
What are the par or stated value, authorized shares, issued shares and outstanding shares?
Sales or Revenue
Cost of Goods Sold
Selling expenses
Administrative expenses
What is the Operating Section of the Income Statement?
Dividends Received are reported in this section
What is the Operating Section?
When is Appropriated Retained Earnings used?
What is when an amount of R/E is restricted for a particular purpose
The financial statement that principles the companies obligations, ownership interests, etc. as of a day in time
What is the Classified Balance Sheet?
How is the value of Intangible assets without a definite life determined?
What is tested for Impairment and balance is adjusted according?
How is Taxes Expense computed?
What is Income from Income before taxes x taxrate?
Issued shares of stock to pay for a building would be reported in what section?
What is Significant Non-cash Item?
What items are disclosed in the Statement of Stockholders' Equity?
What is Contribution and distributions to owners and reconciliation of carrying amount of each component of stockholders' equity from beginning to end of period?
Non-owner changes in equity that bypass the income statement
What is Other Comprehensive Income?
GRAB BAG
FREE 200 POINTS
If Net Income is $550,00, Common Dividends is $100,000, Preferred Dividends are $50,000, authorized shares is 500,000 and outstanding shares is 100,000, What is the earning per share?
What is $5?
How can you verify the correctness of the Ending Balance on the Statement of Cash Flows?
What is see if agrees with the Cash balance on the Balance Sheet?
What is the difference(s) between the one statement and two statement approach to account for Comprehensive Income?
What is OCI is added to the bottom of Income Statement for the one statement approach, whereas as a separate Comprehensive Income Statement is prepared for the two statement approach