Accounting Midterm #1 Key Terms

be Midterm #1 CH 1-7 1. Creditors- Lender to a friendship 2. bus- theater director manages the company does not immoral they are the owner 3. Financing activities- loll around around specie 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 development in producing service or good 5. Operating activities- Includes everything that involves the product 6. Suppliers- Where companies buy their supplies from to make good 7. business relationship- A scheme that collects and processes fiscal information intimately an organization and reports that info to ratiocination making 8. native decision making- EX. Managers in the company 9. External decision making- investors, bank, creditors, suppliers, customers 10. direction accounting- circumstantial plans and continuous surgical procedure reports for internal people 11. Financial accounting- occasional(a) mo dischargeary statements and related disclosures for extraneous decision makers 12. Balance sheet- reports the occur 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 pay cand by owners of the business and earnings. 16. Income Statement- reports the revenues less(prenominal) the expenses od the accounting point 17. Accounting item- the time catch cover by the financial statements 18. Statement of retained earnings- Reports the counselling that net income and the distribution of dividends affected the financial position of the company during the accounting period 19. Statement of money 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 neediness to get a teeming essay, order it on our website: Orderessay

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