Identification Flashcards
reports the resources of the company, it’s obligations and the difference between what is owned and what is owed.
Balance Sheet
company’s obligations
Liabilities
owners of the corporation
Shareholders
residual interest in the assets after deducting all of its liabilities.
Equity
Refers to the relationship between an operating statement (statement of comprehensive income and cash flow statement) and comparative balance sheet whereby an item on the operating statement help explain the change in an item on the balance sheet from one period to the next.
Articulation
reports the changes in the elements of equity.
SOCE
resources controlled by the entity as a result of past events in which future economic benefits are expected to flow to the entity.
Assets
The sum of net income and other comprehensive income
Comprehensive Income
Reports the amount of cash collected and paid out by the company.
Cash Flow Statement
economic resource arising from providing goods and services to a customer on account.
Accounts Receivable
amount owed to government resulting from the application of tax laws
Income Tax Payable
In a corporation, this represents the evidence of ownership in the form of shares of stock.
Stock Certificate
the result when the amount of retained earnings will be added to the amount of capital stock.
Total Equity
creditors claim against resources
Liabilities
an algebraic equation that expresses the relationship between assets, liabilities and equity.
Accounting Equation
