Principles of Accounting - D074: UNIT 3

A report of the revenues and expenses of a company during a period.

Where cash is coming from and where cash is going.

<p>Shows the accumulated profits or losses of a business since it started.</p> Signup and view all the answers

<p>The annual report that publicly traded companies must file with the SEC.</p> Signup and view all the answers

<p>The quarterly report that publicly traded companies must file with the SEC.</p> Signup and view all the answers

<p>The U.S. government agency charged with regulating financial markets.</p> Signup and view all the answers

<p>A unique identifying number for each company in the SEC's EDGAR system.</p> Signup and view all the answers

<p>Quarterly</p> Signup and view all the answers

<p>Annually</p> Signup and view all the answers

<p>Obligations to pay cash, transfer other assets, or provide services to someone else.</p> Signup and view all the answers

<p>Money and other valuables belonging to an individual or business.</p> Signup and view all the answers

<p>The remaining claim against the assets of a business after the liabilities have been deducted.</p> Signup and view all the answers

<p>Amounts owed to a company that sold goods or services to a customer on credit.</p> Signup and view all the answers

<p>Amount owed as a result of the purchase of goods and services on credit.</p> Signup and view all the answers

<p>Amount owed to federal and state governments resulting from the application of tax laws.</p> Signup and view all the answers

<p>Amount owed relating to the purchase of property.</p> Signup and view all the answers

<p>Amount owed in services or products to a customer who paid in advance.</p> Signup and view all the answers

<p>The amount given by shareholders to obtain shares of stock from a company.</p> Signup and view all the answers

<p>Earnings that are retained in the business.</p> Signup and view all the answers

<p>Cash and items that can be quickly converted to cash.</p> Signup and view all the answers

<p>Assets that may require months to sell and convert to cash.</p> Signup and view all the answers

<p>A balance sheet that distinguishes between current and long-term assets.</p> Signup and view all the answers

<p>The price at which property would sell.</p> Signup and view all the answers

<p>The value of a company measured by the amount of owners equity in the company.</p> Signup and view all the answers

<p>Economic resource owned or controlled by a company.</p> Signup and view all the answers

<p>Economic obligation to deliver assets or provide a service.</p> Signup and view all the answers

<p>Equal to total assets minus total liabilities.</p> Signup and view all the answers

<p>Assets = Liabilities + Owners' Equity.</p> Signup and view all the answers

<p>Many assets are recorded at cost, and some economic assets are not recorded at all.</p> Signup and view all the answers

<p>It portrays the financial condition of a company at a point in time.</p> Signup and view all the answers

<p>The residual amount representing the net assets available after liabilities.</p> Signup and view all the answers

<p>Assets and liabilities.</p> Signup and view all the answers

<p>The amount of assets created from the sale of goods or services.</p> Signup and view all the answers

<p>The amount of assets consumed in generating revenue.</p> Signup and view all the answers

<p>The difference between total revenue and total expenses when total revenue is greater.</p> Signup and view all the answers

<p>Sales - COGS.</p> Signup and view all the answers

<p>The result of what a company does on a daily basis.</p> Signup and view all the answers

<p>The amount of net income related to each share of stock.</p> Signup and view all the answers

<p>Making money from an activity outside the normal activities of a business.</p> Signup and view all the answers

<p>A report of the operating, investing, and financing cash flows of a company.</p> Signup and view all the answers

<p>Earnings that are not retained in the business.</p> Signup and view all the answers

<p>It portrays the accumulated profits or losses of a company at a point in time.</p> Signup and view all the answers

<p>A financial statement that provides information about cash receipts and payments.</p> Signup and view all the answers

<p>Operating activities, investing activities, financing activities.</p> Signup and view all the answers

<p>Activities that are part of the day-to-day business of a company.</p> Signup and view all the answers

<p>Activities associated with buying and selling long-term assets.</p> Signup and view all the answers

<p>Activities whereby cash is obtained from or repaid to owners and creditors.</p> Signup and view all the answers

<p>The interrelations among the financial statements.</p> Signup and view all the answers

<p>The change in the retained earnings balance in the balance sheet.</p> Signup and view all the answers

<p>The change in the cash balance in the balance sheet.</p> Signup and view all the answers

<p>Buying buildings</p> Signup and view all the answers

<p>Selling goods</p> Signup and view all the answers

<p>To present assumptions needed to explain financial statements</p> Signup and view all the answers

<p>Summary of significant accounting policies, additional information, disclosure, supplementary information.</p> Signup and view all the answers

<p>It outlines the methods and assumptions used in preparing financial statements.</p> Signup and view all the answers

<p>Inventory make up, receivables gross amount and allowance for bad debts, pension liability.</p> Signup and view all the answers

<p>Status of legal proceedings, subsequent events.</p> Signup and view all the answers

<p>To convey information to users when the information is too uncertain to be recognized.</p> Signup and view all the answers

<p>Including estimates and judgments in the financial statements.</p> Signup and view all the answers

<p>Business segment information, domestic/international sales breakdown.</p> Signup and view all the answers

<p>Because accounting involves making assumptions, estimates, and judgments.</p> Signup and view all the answers

<p>To distinguish between current and long-term assets.</p> Signup and view all the answers

<p>Retained earnings.</p> Signup and view all the answers

<p>Sales − cost of goods sold − operating expenses.</p> Signup and view all the answers

<p>Examining both the relationships among financial statement numbers and the trends in those numbers over time.</p> Signup and view all the answers

<p>An accounting tool that focuses on line items as a percentage of a selected figure.</p> Signup and view all the answers

<p>Comparing percentages over time for the same company.</p> Signup and view all the answers

<p>Dividing each item by total assets for that year.</p> Signup and view all the answers

<p>The number of pennies of each expense for each dollar of sales.</p> Signup and view all the answers

<p>How expenses are changing relative to sales.</p> Signup and view all the answers

<p>Examining both the relationships among financial statement numbers and the trends in those numbers over time.</p> Signup and view all the answers

<p>By dividing all income statement amounts for a given year by sales for that year.</p> Signup and view all the answers

<p>To highlight trends that may be occurring in the company over time.</p> Signup and view all the answers

<p>Quickly see how a company compares to others in its industry.</p> Signup and view all the answers

<p>Where expenses might be different across the companies.</p> Signup and view all the answers

<p>Displaying each line item as a percentage of another for comparison.</p> Signup and view all the answers

<p>It tells you what questions you need to be asking about a company's performance.</p> Signup and view all the answers

<p>Companies that provide the same types of goods or services.</p> Signup and view all the answers

<p>How expenses are changing relative to total sales.</p> Signup and view all the answers