Financial Accounting Exam 1 Study Guide.
Creditors - answerpersons or entities to whom a company owes money
amount owed to creditors - answerliabilities
note payable - answerliability to the bank
bonds payable - answerdebt securities sold to investors that must be repaid at a particular date
s...
Creditors - answer✔persons or entities to whom a company owes money
amount owed to creditors - answer✔liabilities
note payable - answer✔liability to the bank
bonds payable - answer✔debt securities sold to investors that must be repaid at a particular date
some years in the future
common stock - answer✔the total amount paid in by stockholders for the shares they purchase
dividends - answer✔payments of cash from a corporation to its stockholders
assets - answer✔resources owned by a business
revenue - answer✔the increase in assets or decrease in liabilities resulting from the sale of goods
or the performance of services in the normal course of business
supplies - answer✔assets used in day-to-day operations
inventory - answer✔assets that are goods available for future sales to customers
account receivable - answer✔the right to receive money in the future
expenses - answer✔the cost of assets consumed or services used in the process of generating
revenues
accounts payable - answer✔the obligation to pay for goods
income statement - answer✔to show how successfully your business performed during a period
of time, you report its revenues and expenses and show net income or loss for a period of time
retained earnings statement - answer✔to indicate how much previous income was distributed to
you and the owners of your business in the form of dividends in a specific period of time, and
how much was retained in the business to allow for future growth
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Thebright. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
