items owned with value

assets

a financial statement reporting assets, liabilities, and equity

balance sheet

the net worth of a company

equity

obligations owed to creditors

liabilities

the ability to convert assets into cash

liquidity

_____ and _____ are listed in the order of liquidity and maturity on the balance sheet.

Assets; liabilities

The following formula, (asset cost – resale value)/useful life, calculates _____ depreciation.

straight-line

Which financial statement includes revenues and expenses?

income statement

A business controlled by another company is called _____.

a subsidiary

A company that controls the operations of another company is called _____.

the parent

Form 1120 is due on _____ of every year.

April 15^th

the money stockholders invested in the corporation

paid-in capital

stock purchased by the corporation selling it

treasury stock

Beginning retained earnings equals _____ retained earnings of the previous year.

ending

Dividend distribution is decided by the _____.

corporate board of directors

a financial statement tracking cash transactions

statement of cash flows

Obtaining a bank loan is considered a(n) _____ activity.

financing

Paying wages are noted in which section of the statement of cash flows?

operating

statements combining the financial performance of the parent and of its subsidiaries

consolidated financial statements

a process of comparing actual financial results to budget

variance analysis

Variance analysis represents the process of comparing _____.

actuals to budget