

Ch9 Financial Statements and Concepts
Flashcard
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Business
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University
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Practice Problem
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Medium
Krystal Huffman
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44 questions
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1.
FLASHCARD QUESTION
Front
Statement of Cash Flows
Back
Operating, Investing, Financing
2.
FLASHCARD QUESTION
Front
Income Statement and Statement of Cash Flows
Back
Report what has happened for a period of time (usually, end of fiscal year)
3.
FLASHCARD QUESTION
Front
Balance Sheet
Back
Single point in time (any date)
4.
FLASHCARD QUESTION
Front
Bottom Line
Back
Most important amount on the income statement
5.
FLASHCARD QUESTION
Front
Revenues
Back
Inflows or other enhancements of assets of an entity or settlements of its liabilities (or combination of both)
6.
FLASHCARD QUESTION
Front
Realization
Back
The product or service has been exchanged for cash, claims to cash, or an asset that is readily convertible to a known amount of cash or a claim of cash; will result in a cash receipt once fulfilled
7.
FLASHCARD QUESTION
Front
Earned
Back
Entity has completed or substantially completed the activities it must perform or to be entitled to the revenue benefits; includes an increase in cash or some other asset and satisfies the liability
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