Review Assessment - Accounting Cycle: Corporation

What is a Bond? (Abby)

• units of ownership interest in a corporation

• lowest price for which a stock can be sold

• a sum of money paid regularly by a company to it's shareholders out of it's profits

• debt investments where an investor (bank or individuals) loan money to an entity such as a corporation to raise money

corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes (Abby)

Income Statement - shows how ____ a company is during a certain accounting period. (Abby)

An external (public) document showing a company's financial position at a certain time (Abby)

• balance sheet

• stockholder's equity statement

• statement of cash flows

• consolidated financial statement

Everything the company owns of value (jared)

• assets

• liabilities

• debt

• revenue

the accounting cycle includes (jared)

• analyze transactions

• record journal entries

• sell assets

• prepare financial statements

what is the most vauble common stock or preferred stock

• common stock

• prefered stock

• equal value

in the accounting equation, what two things equal each other

• assets and liabilities

• assets and owners equity

• liabilities and common stock

• preferred stock and common stock

what is the diffrence between debt and credit

• debitis incoming and credit is outgoing

• credit is incoming and debit in outgoing

• neither 1

The accounting equation is _____=____ + _____ _____