FASB ASC 270-10-50
The total amount of money your business earned in a period of time, minus all of its expenses, taxes, and interest.
Net Income
The actual selling value of an asset that is agreed to be paid by the buyer as set by the seller
Fair value measurements
When an entity sells a segment, division or subsidiary, this occurs
Disposal of a business component
This balance sheet value is equal to Liabilities + Owner's Equity.
Total Assets
Operating revenues earned by a company for selling its products or rendering its services
Sales
They are for people who have served or worked to achieve a lifetime benefit for themselves. They may include life insurance and medical plans.
Postretirement benefit plans
This type of items would not be considered routine.
Unusual or infrequent occurring items
This is a segment's revenues minus its COGS and expenses
Segment Profit or Loss
A potential economic benefit that is dependent on future events out of a company's control.
Contingent items
When a company compares the beginning and ending balances in a company's equity during a reporting period
Reconciliations for equity line items
This is observed after reconciling all accounts and using journal entries to adjust accounts. They can have a big effect on net income and tax liability.
The aggregate effect of year-end adjustments that are material to the 4th quarter
This is recorded when a segment makes a sale to another company
Revenue from external customers
Tells investors how much of a firm's net income was allotted to each share of common stock
Basic earnings per share
A real or virtual document representing a legal agreement involving any kind of monetary value. They may be divided into two types: cash and derivative. They may also be divided according to an asset class, which depends on whether they are debt-based or equity-based
Derivative and other financial instruments
This the transfer or exchange of goods for monetary compensation between one segment of a company to another segment within the same company
Intersegment Revenue
A change that has the effect of adjusting the carrying amount of an existing asset or liability or altering the subsequent accounting for existing or future assets or liabilities
Changes in accounting principles