Chapter 1 Financial Statements

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Accounting It is a system that organizes financial data and shows information for decision making.

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Chapter 1: Financial Statements

Vocabulary

Liability

Claim of creditor

Equity

Claim of Stockholders

Common Stock + Retained earnings

Types

Statement of Cash Flows

Total for business activities

Cash!

Monthly Retained Earnings Statement

Net income - Dividends

Monthly Income Statement

Revenues vs expenses

Net income

Balance Sheet

Assets vs Liabilities

Assets=Liabilities+Stockholders' equity

Business activities

Operating

account payables

Expenses

Income taxes

Government

Interest expenses

Interest on loans

Administrative expenses

telephone...

administrative wage

Marketing expenses

Advertising

Selling expenses

Sellers, managers...

Costs of goods sold

Producer cost

Revenue

Money the co makes

Sales revenue

Sale activity

Interest revenue

Long

Short

Account receivable

Investing

Cash

Other companies

Buy resources

Assests

Financing

It takes money to make money

Borrow

Creditors

Liabilities

Securities

Bonds payables

Note payables

Banks

Stock

Once creditors are paid

You get paid

Dividends

Ethics

Sarbanes-Oxley Act (SOA)

Independence of the outside auditors

More Penalties

Top Manager Must Certify Accuracy