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Unformatted text preview: Financial Accounting - Terms To Know For Exams 301terms.doc Exam #1: Sole proprietorship Partnership Corporation Assets Liabilities Shareholders equity Revenues Expenses Income statement Retained earnings statement Balance sheet Statement of Cash Flows Operating activities Investing activities Financing activities Annual report Management discussion and analysis Monetary unit assumption Separate (economic) entity assumption Time period assumption Going concern assumption Cost principle or Historical cost principle Full disclosure principle Materiality Conservatism Cost-benefit analysis Industry practice FASB GAAP SEC Liquidity Solvency Profitability Internal users External users NOTE: Terms and concepts presented in earlier chapters could, and probably will be, tested and/or used again in future chapters. Therefore, it is vital that you retain the knowledge acquired in all prior chapters! Exam #2: Revenue recognition Matching Monetary unit assumption Separate (economic) entity assumption...
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