Financial Accounting Final

Assets – Resources a business owns or controls that are expected to provide current and future benefits to the business
Adjusting Entries. – Entries made at the conclusion of a fiscal period to bring accounts up to date.
Current Ratio – Current assets divided by current liabilities
interest expense – The interest accrued on money borrowed
stockholder – An owner of one or more shares of a corporation
Securities act of 1933 – Securities and Exchange Commission given broad powers to determine measurement rules for financial statements
taxable – Public health benefit
fiscal year – an accounting period of usually 12 months
Quality of conformance requires a product to conform to the producer s specifications, and in doing so, guarantees a product s success.
Qualitative Characteristics of Financial Information – Information should be Relevant and Reliable.
adjusting entry = – made at the end of an accounting period to reflect a transaction or event that is not yet recorded. (never affect cash account)
Quаlity оf cоnfоrmаnce requires а product to conform to the producer s specifications, and in doing so, guarantees a product s success.
limited liability company – limited ┼čirket
cash flow from operating activities – cash flows that are directly related to earning income.

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