Chapter 1 Flashcards
1
Q
Financial Accounting Reports
A
periodic financial statements and related disclosures
2
Q
Managerial Accounting Reports
A
detailed plans and continuous performance reports
3
Q
Balance Sheet
A
reports the assets, liabilities, and stockholders’ equity of an accounting entity at a point in time
4
Q
Income Statement
A
reports the revenues less the expenses
5
Q
Statement of Stockholders’ Equity
A
reports the changes in each of the company’s stockholders’ equity accounts (including the change in retained earnings, caused by net income and dividends)
6
Q
Statement of Cash Flows
A
reports inflows and outflows of cash during the accounting period in operating, investing and financing
7
Q
Retained Earnings equation
A
beginning retained earnings + net income - dividends = ending retained earnings
