Business Financial Statements: Income, Expenditures and Balance Sheet Fundamentals

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Finance - Personal Finance

georgepetenjk Created by 10 mon ago

Cards in this deck(23)

What is a summary statement of the changes in expenditures and receipts during a given period of time?

What term describes the total value of the revenue of the firm in a given period of time?

What is the value of the financial outlays the firm has made in a given period of time?

What is the amount by which receipts exceed the cost of goods sold of the firm in a given period of time, and if negative, it is an operating loss?

What is gross income minus expenses, interest, and taxes, reflecting the actual profit of a business or individual?

What term describes the total amount of cash that the company loses in a given period, usually measured in months?

What is the period of time left before the company runs out of liquid assets (cash) with which to pay for its expenditures and make up any losses?

What is the firm's itemized valuation of assets, liabilities, and net worth at a given point in time?

What is an economic resource owned by the firm?

What is an obligation to pay extended by the firm?

What is the summed value of assets of the firm minus the summed value of liabilities of the firm?

What is the sum of payments received from investors in exchange for an entity's stock?

What is cash on hand reserved for future expenses?

What are residual earnings from operations, not distributed to shareholders?

What accounting method records every event that impacts the value of an asset or liability with a corresponding impact to the net worth of the entity?

What principles include assigning value to assets and liabilities using objective principles and assuming the organization continues to exist?

What principle states that assets should be valued at the cost they were purchased for?

What term describes when a firm does not have sufficient liquid assets on hand to meet its commitments to pay?

What occurs when many bank customers try to withdraw their money (deposits) all at once?

What is the condition when the firm's net worth is negative, meaning total liabilities exceed total assets?

What is it called when an asset is recognized to have economic value permanently less than its book value, and the difference is written off?

What is the economic status of a firm with a value of liabilities that exceeds the value of assets?

What is the process of bringing a business to an end and distributing its assets to claimants, which can be either voluntary or mandatory?

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Business Financial Statements: Income, Expenditures and Balance Sheet Fundamentals

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