Quiz #1 Flashcards
1
Q
Net Book Value
A
Assets - Liabilities
2
Q
2 Roles of Financial Statements
A
Stewardship and Valuation
3
Q
Accounting is…
A
Measurement and communication of economics activities at a firm
4
Q
Balance Sheet is a…
A
Specific point in time (right now)
5
Q
Financial Statements must be…
A
- Fairly presented
2. Adequate disclosure
6
Q
Revenue is…
A
All sales cash and credit from that accounting period
7
Q
Stockholders Equity
A
SE-L=Contributed Capital+Retained Earnings
8
Q
Retained Earnings Equation
A
RE=Net Income-Dividends
9
Q
Ending Retained Earnings Equation
A
E R/E= B R/E+Net Income-Dividends
