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

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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
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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

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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

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