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uiuc accy 201 exam 1 (1)
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uiuc accy 201 exam 1 (1)
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accounting - ✅✅-a system of maintaining records of a company's operations and
communicating that information to decision makers
assets - ✅✅-resources of a company
balance sheet - ✅✅-a financial statement that presents the financial position of a
company on a particular date
corporation - ✅✅-an entity that is legally separate from its owners
dividends - ✅✅-cash payments to stockholders
expenses - ✅✅-cost s of providing products and services
financial accounting - ✅✅-accounting information that is complete, neutral, and
free from error
financial statements - ✅✅-periodic reports published by the company for the
purpose of providing information to external users
GAAP - ✅✅-the rules of financial accounting
income statement - ✅✅-A financial statement that reports a company's revenues
and expenses over an interval of time
, liabilities - ✅✅-amounts owed to creditors
net income - ✅✅-difference between revenues and expenses
retained earnings - ✅✅
-cumulative amount of net income earned over the life of
the company that has not been distributed to stockholders as dividends
revenues - ✅✅-amounts recorded when the company sells products or services to
customers
statement of cash flows - ✅✅ -a financial statement that measures activities
involving cash receipts and cash payments over an interval of time
statement of stockholders equity - ✅✅ -a financial statement that summarizes the
changes in stockholders' equity over an interval of time
stockholders equity - ✅✅
-stockholders', or owners', claims to resources, which
equal the difference between total assets and total liabilities.
account - ✅✅
-a summary of the effects of all the transactions related to a particular
item over a period of time
accounting cycle - ✅✅
-full set of procedures used to accomplish the
measurement/communication process of financial accounting
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