Accounting chap 1 vocab

Accounting chap 1 vocab - Chap 1 Accounting the process of...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chap 1 Accounting – the process of identifying, measuring, and communicating economic information to various users. Management accounting – the branch of accounting concerned with providing management with information to facilitate planning and control. Financial accounting – the branch of accounting concerned with the preparation of financial statements for outsider use. Owners’ equity – the owners’ claims on the assets of an entity. Stockholders’ equity – the owners’ equity in a corporation.(Shareholders’ equity) Retained earnings – the part of owners’ equity that represents the income earned less dividends paid over the life of an entity. Balance sheet – the financial statement that summarizes the assets, liabilities, and owners’ equity at a specific point in time.(Statement of financial position) Income statement – a statement that summarizes revenues and expenses.(Statement of income) Net income – the excess of revenues over expenses.(Profit or earnings)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Accounting chap 1 vocab - Chap 1 Accounting the process of...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online