Accounting Midterm #1 Key Terms

be Midterm #1 CH 1-7 1. Creditors- Lender to a bon ton 2. bus- tutor manages the company does not crocked they are the owner 3. Financing activities- mooch around funds or paying back money to their lenders and receives supererogatory funds or pays dividends to owners 4. Investing activities- buy or sells items such(prenominal) as plant and equipment use in producing service or good 5. Operating activities- Includes everything that engenders the product 6. Suppliers- Where companies buy their supplies from to make good 7. business relationship- A transcription that collects and processes fiscal information slightly an organization and reports that info to conclusiveness making 8. native decision making- EX. Managers in the company 9. External decision making- investors, bank, creditors, suppliers, customers 10. commission accounting- circumstantial plans and continuous implementation reports for internal people 11. Financial accounting- oscillating mo dischargeary statements and related disclosures for outside(a) decision makers 12. Balance sheet- reports the measuring of assets, liabilities, and stockholders fairness of an accounting entity at a POINT IN TIME 13. Accounting Entity- The organization for which fiscal data are to be collected 14.

Accounting Equation- Assets = Liabilities + Stockholders Equity 15. Stockholders Equity- The amount of pecuniary backing stick outd by owners of the business and earnings. 16. Income Statement- reports the revenues slight the expenses od the accounting occlusion 17. Accounting effect- the time spot cover by the financial statements 18. Statement of retained earnings- Reports the personal manner that net income and the distribution of dividends bear on the financial position of the company during the accounting period 19. Statement of silver 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 emergency to get a mount essay, order it on our website: Ordercustompaper.com

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