Homework #1 Flashcards
Questions and answers to definitions on HW 1.
Sales of products or services are…
Revenues.
Owners’ claim to resources is…
Stockholders’ equity.
Distributions to stockholders are…
Dividends.
Costs of selling products or services are…
Expenses.
Resources of a company are called…
Assets.
Amounts owed are…
Liabilities.
Which financial statement involves a change in owners’ claims to resources?
Statement of stockholders’ equity
Which financial statement involves the profitability of a company?
Income statement
Which financial statement involves the change in cash as a result of operating, investing, and financing activities?
Statement of cash flows
Which financial statement shows that resources equal creditors’ and owners’ claims to an organization’s resources?
Balance sheet
Define revenues.
Sales of products or services
Define stockholders’ equity.
Owners’ claim to resources
Define dividends.
Distributions to stockholders
Define expenses.
Costs of selling products or services
Define assets.
Resources of a company
Define liabilities.
Amounts owed