in class chp 16/15

Question 1

financial accounting

Answer 1

information on the transactions of an organization is captured and analyzed and used to report to users

Question 2

income statements

Answer 2

• measure the performance of the company
  -revenue- expense = profit
• includes an earning/ share disclosure
  ex sales revenues, other income, costs od goods sold

Question 3

change in equity

Answer 3

-provides detail on how each component of shareholders’ equity has changed over the period
- the two major components of shareholders equity include: share capital and retained earning

Question 4

balance sheet

Answer 4

-financial status of the company at a particular point in time
-list what is owned and what is owed measuring net worth
-assets= liabilities + shareholder equity