This statement reports changes in financial condition due to the operations of the company.
What is the Income Statement?
100
The accounting concept that reports the revenues earned by a company for a period with the expenses incurred in generating the revenues.
What is the Matching Concept?
100
The object of most businesses.
What is earn a profit?
100
The resources owned by a company.
What are Assets?
100
The affects of buying land with cash on the accounting equation.
What is decrease asset (cash) and increase asset (land)?
200
This Financial Statement gives a summary of cash received and disbursed for a specific period of time.
What is the Statement of Cash Flows?
200
The accounting concept that requires all economic data be recorded in dollars.
What is the Unit of Measure Concept?
200
The four forms of business.
What are proprietorship, partnership, corporation and limited liability company?
200
An information system that provides reports to stakeholders about the economic activities and condition of a business.
What is Accounting?
200
The accounting equation.
What is Assets = Liabilities + Stockholder's Equity?
300
The Financial Statement that lists assets, liabilities and stockholder's equity for a specific date.
What is the Balance Sheet?
300
The accounting concept which requires that entries in accounting records and the data reported on financial statements be based on verifiable evidence.
What is the Objectivity Concept?
300
The three business activities all businesses engage in.
What are financing, investing and operating activities?
300
A person or entity with an interest in the economic performance and well-being of a company.
Who is a Business Stakeholder?
300
Revenues __________ stockholder's equity and expenses __________ stockholder's equity.
What is increase and decrease.
400
The four Financial Statements listed in order of preparation.
What are Income Statement, Retained Earnings Statement, Balance Sheet and Statement of Cash Flows?
400
The accounting concept that limits the economic data recorded in an accounting system to data related to the activities of that company.
What is the Business Entity Concept?
400
The three business types.
What are service, merchandising and manufacturing?
400
The ability to convert an asset to cash.
What is Liquidity?
400
The affects of borrowing money from a bank on the accounting equation.
What is increase asset (cash) and increase liability (notes payable)?
500
This Financial Statement has one or more elements affected by every transaction.
What is the Balance Sheet?
500
This group has the primary responsibility for developing accounting principles.
Who is the FASB (Financial Accounting Standards Board)?
500
Two strategies used by companies to gain an advantage over their competitors.
What are low-cost and premium-price strategy?
500
The portion of a corporation's stockholders' equity contributed by investors in exchange for shares of stock.
What is Capital Stock?
500
The affects of paying dividends to stockholders to the accounting equation.
What is decrease asset (cash) and decrease stockholder's equity (retained earnings)?