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Definition
| the information system that measures business activities, processes that information into reports and financial statements, and communicates the results to decision makers |
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Definition
| assets = liabilities + owner's equity |
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Definition
| an economic resource that is expected to be of benefit in the future |
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Definition
| list of an entity's assets, liabilities, and owner's equity as of a specific date |
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Definition
| group elected by the stockholders to set policy for a corporation and to appoint its officers |
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Definition
| another name for owner's equity of a business |
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Definition
| most basic form of capital stock |
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| continuity/going concern assumption |
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Definition
| holds that the entity will remain in operation for the foreseeable future |
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Term
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Definition
| a business owned by stockholders, an artificial person in the eyes of the law |
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Definition
| an asset that is expected to be converted to cash, sold, or consumed during the next 12 months or the business's normal operating cycle if longer than a year |
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Definition
| a debt due to be paid within one year or within the entity's operating cycle if longer than a year |
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