front 1 items owned with value | back 1 assets |
front 2 a financial statement reporting assets, liabilities, and equity | back 2 balance sheet |
front 3 the net worth of a company | back 3 equity |
front 4 obligations owed to creditors | back 4 liabilities |
front 5 the ability to convert assets into cash | back 5 liquidity |
front 6 _____ and _____ are listed in the order of liquidity and maturity on the balance sheet. | back 6 Assets; liabilities |
front 7 The following formula, (asset cost – resale value)/useful life, calculates _____ depreciation. | back 7 straight-line |
front 8 Which financial statement includes revenues and expenses? | back 8 income statement |
front 9 A business controlled by another company is called _____. | back 9 a subsidiary |
front 10 A company that controls the operations of another company is called _____. | back 10 the parent |
front 11 Form 1120 is due on _____ of every year. | back 11 April 15th |
front 12 the money stockholders invested in the corporation | back 12 paid-in capital |
front 13 stock purchased by the corporation selling it | back 13 treasury stock |
front 14 Beginning retained earnings equals _____ retained earnings of the previous year. | back 14 ending |
front 15 Dividend distribution is decided by the _____. | back 15 corporate board of directors |
front 16 a financial statement tracking cash transactions | back 16 statement of cash flows |
front 17 Obtaining a bank loan is considered a(n) _____ activity. | back 17 financing |
front 18 Paying wages are noted in which section of the statement of cash flows? | back 18 operating |
front 19 statements combining the financial performance of the parent and of its subsidiaries | back 19 consolidated financial statements |
front 20 a process of comparing actual financial results to budget | back 20 variance analysis |
front 21 Variance analysis represents the process of comparing _____. | back 21 actuals to budget |