Accounting Semester 2 LOQ Review

Distributions, usually cash, by a corporation to its stockholders.

• Dividends

• Common Stock

• Net Income

• Earnings Per Share

A financial statement listing an entity’s revenues, expenses, and net income or net loss for a specific period. Also called a Statement of Operations.

• Balance Sheet

• statement of cash flows

• Income Statement

• Statement of Retained Earnings

The claim of the owners of a business to the assets of the business. Also called Capital, Owners’ ________, or Stockholders’ _____________.

• Liabilities

• Assets

• Income

• Equity

The amount of stockholders’ equity a corporation has earned through profitable operations and has not given back to stockholders.

• Assets

• Common Stock

• Retained Earnings

• Gross Profit

The process of copying amounts from the journal to the ledger.

• Posting

• Journaling

• Transactions

• Account Balancing

A one-year period that governments and businesses use for financial reporting

• Maturity Date

• Fiscal Year

• Annual Report

• Calendar Option

The excess of total revenues over total expenses.

• Net Income

• Net Loss

• Profit Margin

• Retained Earnings

The chronological accounting record of an entity’s transactions.

• Ledger

• Account Balance

• Trial Balance

• Journal

A report showing an entity's assets, liabilities and equity as of a specific date.

• Income Statement

• Statement of Cash Flows

• Balance Sheet

• Statement of Retained Earnings

A statement that reports cash receipts and cash payments classified according to the entity’s major activities: operating, investing, and financing.

• Income Statement

• Statement of Cash Flows

• Balance Sheet

• Statement of Retained Earnings