11-20 Flashcards
1
Q
Cash Flow Statement
A
Summarizes the company’s cash transactions
2
Q
Accrual-Based Accounting
A
Recognizes revenue when earned
and expenses when incurred
3
Q
Cash-Based Accounting
A
Recognizes revenue when received
and expenses when paid
4
Q
GAAP requires the use of _____.
A
Accural Based Accounting
5
Q
Common Stock
A
Represents the par value of the stock
6
Q
Additional Paid In Capital
A
Amount in excess of the par value collected
7
Q
Authorized Stock
A
Amount of stock available to sell
8
Q
Issued Stock
A
Amount of Stock already sold
9
Q
Outstanding Stock
A
Amount of stock held by investors
10
Q
Treasury Stock Account
A
When a business gets back some of the stock it issued, it places the stock in its treasury account
