Accounting
Annual Report
Assets
Resources owned by a business
Balance Sheet
Basic Accounting Equation
Assets = Liabilities + Stockholders' Equity
Certified Public Accountant (CPA)
An individual who has met certain criteria and is thus allowed to perform audits of corporations
Common Stock
Term used to describe the total amount paid in by stockholders for the shares they purchase
Corporation
Dividends
Payments of cash from a corporation to its stockholders
Expenses
Income Statement
A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time
Liabilities
The debts and obligations of a business. Liabilities represent the amounts owed to creditors
Net Income
The amount by which revenues exceed expenses
Net loss
Partnership
Retained Earnings
Revenue
The increase in assets that result from the sale of a product or service in the normal course of business
Sarbanes-Oxley Act
Sole Proprietorship
A business owned by one person
Statement of Cash Flows
Stockholders' Equity
Comparability
Consistency
Current Assets
Current Ratio
Current Liabilities
Debt to Total Assets Ratio
Economic Entity Assumption
Faithful Representation
Financial Accounting Standards Board (FASB)
Free Cash Flow
Generally Accepted Accounting Principles (GAAP)
Intangible Assets
International Accounting Standards Board (IASB)
Liquidity
Liquidity Ratios
Monetary Unit Assumption
Operating Cycle
Profitability Ratios
Property, Plant, and Equipment
Public Company Accounting Oversight Board (PCAOB)
Ratio
Ratio Analysis
Relevance
Securities and Exchange Commission (SEC)
Solvency
Timely
Understandability
Verifiable
Working Capital
Account
Chart of Accounts
Credit
Debit
General Journal
General Ledger
Journal
Journalizing
Ledger
Posting
Trial Balance
Accrued Expenses
Adjusted Trial Balance
Book Value
Closing Entries
Depreciation
Income Summary
Permanent Accounts
Revenue Recognition Principle
Temporary Accounts
Worksheet