Accounting Midterm #1 Key Terms

be Midterm #1 CH 1-7 1. Creditors- Lender to a familiarity 2. bus- Manager manages the company does not mean they are the owner 3. Financing activities- loll around money or nonrecreational back money to their lenders and receives supererogatory funds or pays dividends to owners 4. expend activities- barter for or sells items such(prenominal) as plant and equipment using in producing service or good 5. Operating activities- Includes everything that makes the product 6. Suppliers- Where companies buy their supplies from to make good 7. business relationship- A system that collects and processes fiscal information about an organization and reports that info to purpose do 8. native purpose making- EX. Managers in the company 9. External decision making- investors, bank, creditors, suppliers, customers 10. Management account statement- circumstantial plans and continuous performance reports for internal mess 11. Fi nancial accounting- effectic mo dischargeary statements and related disclosures for external decision makers 12. Balance sheet- reports the amount of assets, liabilities, and stockholders fairness of an accounting entity at a POINT IN TIME 13. Accounting Entity- The organization for which pecuniary data are to be collected 14.

Accounting Equation- Assets = Liabilities + Stockholders legality 15. Stockholders Equity- The amount of financing provided by owners of the business and earnings. 16. Income Statement- reports the revenues less the expenses od the accounting period 17. Accou nting period- the time period masking piece! by the financial statements 18. Statement of retained earnings- Reports the way that cabbage income and the distribution of dividends affected the financial position of the company during the accounting period 19. Statement of cash flows- reports inflows and outflows of cash during the accounting period in the categories of operating, investing, and financing 20. Notes- provide supplemental information about...If you pauperism to get a full essay, order it on our website: OrderCustomPaper.com

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