Term
| Accounts receivable turnover |
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Definition
| Net credit sales/ Avg. accounts recievable |
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Term
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Definition
| total amount of depreciation expense recorded over the life of an asset to date |
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Term
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Definition
| a company's economic resources that it expects will provide future benefits to the company |
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Term
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Definition
| accounting report that summarizes a company's financial position (assets, liabilites, and o.e.) as of a specific date. |
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Term
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Definition
| asset's original cost minus the related accumulated depreciation |
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Term
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Definition
| statement that shows subtotals for assets, liabilities, and o.e. in related groupings |
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Term
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Definition
| cash and other assets that a company expects to convert to cash, sell, or use up within one year. |
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Term
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Definition
| obligations that a company expects to pay within one year by using current assets |
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Term
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Definition
| current assets/ current liabilities |
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Term
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Definition
| Total liabilities/ total assets. Percent total assets provided by creditors |
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Term
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Definition
| company's ability to adapt to change |
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Term
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Definition
| cost of goods sold/ avg. inventory |
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Term
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Definition
| a company's economic obligations owed to its creditors |
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Term
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Definition
| measure of how quickly an asset can be converted into cash or a liability can be paid |
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Term
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Definition
| items such as notes receivables, gov't bonds, bonds and capital stock of corporations. |
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Term
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Definition
| obligations that a company does not expect to pay within one year |
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Term
| Number of Days in a collection Period |
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Definition
| number of days in a company's business year/ by its accounts receivable turnover |
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Term
| Number of Days in a Selling Period |
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Definition
| number of days in a company's business year/ inventory turnover |
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Term
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Definition
| company's ability to continue a given level of operations |
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Term
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Definition
| owner's current investment in the assets of a company |
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Term
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Definition
| all of the physical, long-term assets a company uses in operations |
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Term
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Definition
| Quick assets/ current liabilities |
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Term
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Definition
| net income/ avg. owners equity |
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Term
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Definition
| net income + interest expense/ avg. total assets |
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Term
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Definition
| a company's current assets - current liabilities |
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Term
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Definition
| separate from owners and other companies |
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Term
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Definition
| exchange of property or service by company w/ other entity |
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Term
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Definition
| business record used as evidence that a transaction has occured |
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Term
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Definition
| recording and analyzing a company's transactions to understand company activities |
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Term
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Definition
| company records its transactions based on dollars exchanged at the time the transaction occured |
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Term
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Definition
| Assets (company's things that create future revenue) = Liabilities (econ debt) + Owner's Equity --> Capital (start of business), revenues, expenses) |
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Term
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Definition
| Time from when money was taken, inventory purchased and sold, getting money, to more |
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Term
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Definition
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Term
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Definition
| record exp in month they areearned |
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Term
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Definition
| Revenues should be recorded when earned and expenses when incurred |
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Term
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Definition
| Involves assets that a co. had at beginning of acc. period but used up during period |
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Term
| Assets, Expenses, Dividends |
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Definition
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Term
| Liabilities, Revenues, Capital |
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Definition
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Term
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Definition
| communicates company's revenues, expenses, and net income. |
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Term
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Definition
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Term
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Definition
| prices that you charge your customers for goods or services |
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Term
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Definition
| costs of providing goods or services to customers during acc. period |
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Term
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Definition
| income statement accounts end of year, zeroed out |
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Term
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Definition
| used for LIFE of the company on balance sheet |
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Term
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Definition
| A percentage deduction of the invoice price if he customer pays the invoice within a specific period |
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Term
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Definition
| when a customer returns previously purchased merch |
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Term
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Definition
| when a customer keeps the merch and the company refunds a portoin of the orig. sales price |
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Term
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Definition
| keeps a continuous record of the cost of inventory on hand and cost of inventory sold |
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Term
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Definition
| determines inventory at the end of accounting period by counting them. |
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Term
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Definition
| a company;s ability to continue at a given level of ops |
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Term
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Definition
| company's ability to adapt to change |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| made by company to transfer ending balances from its temporary accounts to permanent accounts. |
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Term
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Definition
| Lists cash inflows and outflows from operating, investing, and financing. |
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Term
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Definition
| happen with decreases in assets other than cas, increase in liability, and increase in owners equity |
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Term
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Definition
| happen wit increases in non cash assets, decreases in liabilities, and decrease in owners equity |
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Term
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Definition
| Subtract operating cash outflows from operating cash inflows |
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Term
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Definition
| company adjusts net income to compute net cashflow from operating activities |
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Term
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Definition
| current assets - current liabilities |
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