Exam (elaborations)
uiuc accy 201 exam 1 (1)
- Institution
- Elizabethan Theatre Vocabulary
uiuc accy 201 exam 1 (1)
[Show more]
Seller
Follow
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.47. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now