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Cards In This Set
| Front | Back |
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What is the ease with which an asset can
be converted to cash?
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LIQUIDITY
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Divides the cash inflows and outflows into
3 categories
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STATEMENT OF CASH FLOWS
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The time period covered by financial statements is called the ___.
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ACCOUNTING PERIOD
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What represents the dollar amount of resources the entity used to earn revenues during the period.
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EXPENSES
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Refunds or adjustments for unsatisfacotry merchandise or service.
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SALES RETURNS OR ALLOWANCES
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The statement of owner's equity is called the ___ when it relates to a corporation.
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STATEMENT OF STOCKHOLDER'S EQUITY
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___ describes the financial situation of a company at a specific point in time and lists the assets of a business.
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BALANCE SHEET
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The economic resources OWNED by a company.
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ASSETS
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The company's debts or obligations.
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LIABILITIES
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The amount of earnings reinvested back into the business.
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RETAINED EARNINGS
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Salaries that a business owes to its employees.
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WAGES PAYABLE
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Purchases required to help the business keep up with demand.
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PRODUCTIVE ASSETS
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The bottom line of the income statement
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NET INCOME
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What affect does the distributionn of dividends have on the balance of retained earnings?
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DECREASES IT
|
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Promissory notes that the business owes to a bank.
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NOTES PAYABLE
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