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Accounting College > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

4 Financial statements

A

Income statement
Statement of stockholders’ equity
Balance sheet
Statement of cash flows

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2
Q

Financial statement that presents the financial position of the company on a particular date

A

Balance Sheet

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3
Q

A financial statement that measures activities involving cash receipts and cash payments over an interval of time

A

Statement of cash flows

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4
Q

Two primary components: common stock and retained earnings

A

Stockholders’ equity

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5
Q

Reports a company’s financial performance over a specific accounting period

A

Income statement

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6
Q

Income statement equation

A

Revenue-Expenses=Net Income

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7
Q

Retained earnings equation

A

Beginning balance + Net Income - dividends

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8
Q

Owners equity

A

Capital stock

Retained earnings

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9
Q

These are all the normal activities involved in the operation of your business

A

Operating

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10
Q

Buying and selling the long term assets

A

Investing

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11
Q

Issuing common stock to an investor

A

Financing

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12
Q

What is this: paying taxes

A

Operating

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13
Q

What is this: selling common stock to investors

A

Financing

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14
Q

What is this: paying dividends

A

Financing

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15
Q

What is this: buying land

A

Investing

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16
Q

What is this: selling items

A

Operating

17
Q

What is this: buying buildings

A

Investing

18
Q

What is this: buying or selling the stocks and bonds of another company

A

Investing

19
Q

What is this: issuing bonds

A

Financing

20
Q

What is this: pay interest

A

Operating

21
Q

What is this: interest income

A

Operating

22
Q

What is this: buy supplies

A

Operating

23
Q

What is this: borrow money from the bank and returning

A

Financing

24
Q

What is cash

A

Asset

25
Q

What is debt

A

Liability

26
Q

What is account payable

A

Liability

27
Q

What is note payable

A

Liability

28
Q

What is marketing security

A

Asset

29
Q

Consume

A

Assets

30
Q

What is account receivable

A

Assets

31
Q

What is inventory

A

Assets

32
Q

What is supplies

A

Assets

33
Q

What is prepaid items

A

Assets

34
Q

What is note receivable

A

Assets

35
Q

A system of maintaining records of a company’s operations and communicating that information to decision makers

A

Accounting

Accounting College (11 decks)

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