in class chp 16/15 Flashcards
1
Q
financial accounting
A
information on the transactions of an organization is captured and analyzed and used to report to users
2
Q
income statements
A
- measure the performance of the company
-revenue- expense = profit - includes an earning/ share disclosure
ex sales revenues, other income, costs od goods sold
3
Q
change in equity
A
-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
4
Q
balance sheet
A
-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