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Study sets matching "chapter 11 financial accounting"

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Study sets matching "chapter 11 financial accounting"

19 terms
Financial Accounting Chapter 11
Authorized Shares
Common Stock
Cumulative Dividend Preference
Current Dividend Preference
Maximum number of shares of a corporation's capital stock tha…
The basic voting stock issued by a corporation.
Preferred stock feature that requires specified current divid…
The feature of preferred stock that grants priority to prefer…
Authorized Shares
Maximum number of shares of a corporation's capital stock tha…
Common Stock
The basic voting stock issued by a corporation.
19 terms
Financial Accounting Chapter 11
Authorized Number of Shares
Common Stock
Cumulative Dividend Preference
Current Dividend Preference
The maximum number of shares of a corporation's capital stock…
The basic voting stock issued by a corporation.
The preferred stock feature that requires specified current d…
The feature of preferred stock that grants priority on prefer…
Authorized Number of Shares
The maximum number of shares of a corporation's capital stock…
Common Stock
The basic voting stock issued by a corporation.
60 terms
Financial Accounting, Chapter 11
Articulated statements
Authorized shares
Issued shares
Outstanding shares
refer to the fact that information on the income statement is…
The maximum number of shares a corporation may issue as indic…
The number of shares sold or distributed to stockholders:
The number of shares issued less the number of shares held as…
Articulated statements
refer to the fact that information on the income statement is…
Authorized shares
The maximum number of shares a corporation may issue as indic…
8 terms
Financial Accounting: Chapter 11
Stock Certificate
Authorized Stock
Rights of Stockholders
Par value stock
proof of stock ownership
at the time of incorporation normally anticipates both initia…
1. Vote (power) ... 2. Maintain power... 3. Dividends option... 4.
is the capital stock to which the charter has assigned a valu…
Stock Certificate
proof of stock ownership
Authorized Stock
at the time of incorporation normally anticipates both initia…
18 terms
Financial Accounting Chapter 11
Statement of Cash Flows
5 things statement of cash flows helps…
Cash Flows from Operating Activities
Cash Flows from Investing Activities
The purpose is to provide relevant information about a compan…
1. Assess a company's ability to produce future net cash infl…
Cash inflows and outflows related to purchasing, selling, and…
Cash inflows and outflows that relate to acquiring and dispos…
Statement of Cash Flows
The purpose is to provide relevant information about a compan…
5 things statement of cash flows helps…
1. Assess a company's ability to produce future net cash infl…
27 terms
Financial Accounting Chapter 11
Accelerated methods of depreciation
Amortization
Capital Expenditure
Capital Lease
Methods of depreciation that result in higher depreciation ch…
The systematic transfer of the partial cost of an intangible…
An expenditure for which the benefits are expected to be rece…
A classification of lease agreements that are of relatively l…
Accelerated methods of depreciation
Methods of depreciation that result in higher depreciation ch…
Amortization
The systematic transfer of the partial cost of an intangible…
20 terms
Financial Accounting Chapter 11
Common Stock
Authorized Shares
Issued Shares
Treasury Stock
the basic voting stock issued by a corporation to stockholders
the maximum number of shares of capitol stock of a corporatio…
shares of stock that have been distributed by the corporation
issued shares that have been reacquired by the company (debit…
Common Stock
the basic voting stock issued by a corporation to stockholders
Authorized Shares
the maximum number of shares of capitol stock of a corporatio…
9 terms
Financial Accounting: Chapter 11
liabilities
current laibility
long-term liability
short-term notes payable
debts that are owed to creditors
a liability that must be paid with cash or with goods and ser…
a liability that does not need to be paid within one year or…
a written promise made by the business to pay a debt, usually…
liabilities
debts that are owed to creditors
current laibility
a liability that must be paid with cash or with goods and ser…
27 terms
Financial Accounting Chapter 11
Authorized stock
Cash dividend
Charter
Corporation
The amount of stock that a corporation is authorized to sell…
A pro rata (proportional to ownership) distribution of cash t…
A document that describes a corporation's name and purpose, t…
A company organized as a separate legal entity, with most of…
Authorized stock
The amount of stock that a corporation is authorized to sell…
Cash dividend
A pro rata (proportional to ownership) distribution of cash t…
21 terms
Financial Accounting (Chapter 11)
Benefits of Stock Ownership
Authorized number of shares
Issued shares
Outstanding shares
-A voice in management - you may vote in stockholder's meetin…
minimum number of shares of a corporation's' capital stock th…
represent the total number of shares of the stock that have b…
refer to the total number of shares of stock that are owned b…
Benefits of Stock Ownership
-A voice in management - you may vote in stockholder's meetin…
Authorized number of shares
minimum number of shares of a corporation's' capital stock th…
41 terms
Chapter 11: Fundamental Financial Accounting Concepts
Appropriated Retained Earnings
articles of incorporation
authorized stock
board of directors
Retained earnings restricted by the board of directors for a…
Information about a proposed corporation, such as its name, p…
Number of shares of stock a corporation has state approval to…
Group of individuals elected by the stockholders of a corpora…
Appropriated Retained Earnings
Retained earnings restricted by the board of directors for a…
articles of incorporation
Information about a proposed corporation, such as its name, p…
35 terms
Financial Accounting Chapter 11
Retained earnings
Legal capital
Preferred stock
Publicly held corporation
Net income that is retained in the business.
The amount per share of stock that must be retained in the bu…
Capital stock that has contractual preferences over common st…
A corporation that may have thousands of stockholders and who…
Retained earnings
Net income that is retained in the business.
Legal capital
The amount per share of stock that must be retained in the bu…
40 terms
Financial Accounting Chapter 11
3 major forms of business organization
Sole proprietorship
Partnership
Corporation
Sole proprietorship... Partnership... Corporation
Owned by a single individual who is responsible for making bu…
Owned by two or more individuals who share the risk and profi…
A separate legal entity created by the authority of the state…
3 major forms of business organization
Sole proprietorship... Partnership... Corporation
Sole proprietorship
Owned by a single individual who is responsible for making bu…
30 terms
Financial Accounting Chapter 11
Authorized stock
book value per share
cash dividend
charter
the amount of stock that a corporation is authorized to sell…
the equity a common stockholder has in the net assets of the…
A pro rata distribution of cash to stockholders
a document that is issued by the state to set forth important…
Authorized stock
the amount of stock that a corporation is authorized to sell…
book value per share
the equity a common stockholder has in the net assets of the…
49 terms
Chapter 11-Financial Accounting
"a _______ is defined as an artificial…
A corporation is created by ____ and i…
Two common ways to classify corporatio…
For profit corporations are examples o…
Corporation
Law ... Statutes
Purpose ... Ownership
McDonald's, Nike, PepsiCo, and Google
"a _______ is defined as an artificial…
Corporation
A corporation is created by ____ and i…
Law ... Statutes
70 terms
Financial Accounting (Chapter 11)
Treasury Stock is a __________ account
Treasury stock has a normal _________…
what do we record when a company purch…
On the balance sheet, we subtract ____…
Contra stockholder's equity account... [it reduces stockholder'…
Debit
Dr. Treasury Stock... Cr. Cash
Less: Treasury Stock
Treasury Stock is a __________ account
Contra stockholder's equity account... [it reduces stockholder'…
Treasury stock has a normal _________…
Debit
16 terms
Financial Accounting Chapter 11
authorized number of shares
issued shares
outstanding shares
common stock
maximum number of shares of a corporation's capital stock tha…
represent the total number of shares of stock that have been…
refer to the total number of shares of stock that are owned b…
basic voting stock issued by a corporation
authorized number of shares
maximum number of shares of a corporation's capital stock tha…
issued shares
represent the total number of shares of stock that have been…
38 terms
Financial Accounting: Chapter 11
Corporate Ownership - the advantages
Corporate Ownership rights
Advantages of Equity Financing
Advantages of Debt
the major advantage of the corporate for of business is the e…
1. voting rights - can give you influence... 2. *rights to div…
- equity doesn't have to be repaid... - dividend payments are op…
- interest on debt is tax deductible... - debt does not change s…
Corporate Ownership - the advantages
the major advantage of the corporate for of business is the e…
Corporate Ownership rights
1. voting rights - can give you influence... 2. *rights to div…
20 terms
Chapter 11 - Libby, Libby & Short - Financial Accounting
What is the term for shares of stock c…
What is the term for the maximum share…
What is the term for the shares of sto…
During 2016, Thomas Corporation repurc…
Shares currently owned by investors are called outstanding sh…
The maximum shares that a company can issue or sell to invest…
Shares that have been repurchased and held by the company are…
Repurchase of treasury shares reduces total stockholders' equ…
What is the term for shares of stock c…
Shares currently owned by investors are called outstanding sh…
What is the term for the maximum share…
The maximum shares that a company can issue or sell to invest…
10 terms
Financial Accounting Chapter 11
asset turnover
cash flow to sales
cash return on assets
direct method
sales revenue divided by average total assets; measures the s…
net cash flows from operating activities divided by sales rev…
net cash flows from operating activities divided by average t…
adjusts the items on the income statement to directly shoe th…
asset turnover
sales revenue divided by average total assets; measures the s…
cash flow to sales
net cash flows from operating activities divided by sales rev…
24 terms
Financial Accounting Chapter 11 Terms
authorized stock
cash dividend
charter
corporation
The amount of stock that a corporation is authorized to sell…
The amount of stock that a corporation is authorized to sell…
A document that is issued by the state to set forth important…
A business organized as a legal entity separate and distinct…
authorized stock
The amount of stock that a corporation is authorized to sell…
cash dividend
The amount of stock that a corporation is authorized to sell…
Chapter 11 Financial Accounting
Advantages of a corporation
Initial steps to form a corporation
Stockholders rights
Authorized stock
1. Separate legal existence... 2. Limited liability of stockhold…
1. File application with the Secretary of State ... 2. State gra…
1. Vote in election of board of directors ... 2. Share the corpo…
Charter indicates the amount of stock that a corporation is a…
Advantages of a corporation
1. Separate legal existence... 2. Limited liability of stockhold…
Initial steps to form a corporation
1. File application with the Secretary of State ... 2. State gra…
17 terms
Financial Accounting Chapter 11
Operating activities
Investing activities
Financing activities
Statement of Cash Flows
Day-to-day activities that create revenues or expenses
Activities that increase or decrease long-term assets
Provides a source of funds
Transactions that do not increase or decrease cash
Operating activities
Day-to-day activities that create revenues or expenses
Investing activities
Activities that increase or decrease long-term assets
55 terms
Chapter 11- Financial Accounting
Appropriated Retained Earnings
Authorized Stock
Basic Earnings Per Share
Book Value Per Common Share
Retained earnings separately reported to inform stockholders…
Total amount of stock that a corporation's charter authorizes…
Net income less any preferred dividends and then divided by w…
Recorded amount of equity applicable to common shares divided…
Appropriated Retained Earnings
Retained earnings separately reported to inform stockholders…
Authorized Stock
Total amount of stock that a corporation's charter authorizes…
76 terms
Financial Accounting - Chapter 11
Current liabilities
Recognition
Valuation
Classification
Debts and obligations that a company expects to satisfy withi…
Timing, GAAP requires that a recording must be made when the…
A liability is generally valued at the amount of money needed…
Current liabilities are due within the next year or normal op…
Current liabilities
Debts and obligations that a company expects to satisfy withi…
Recognition
Timing, GAAP requires that a recording must be made when the…
26 terms
Financial Accounting Chapter 11
Authorized stock
Cash dividend
Charter
Corporation
The amount of stock that a corporation is authorized to sell…
A pro rata (proportional to ownership) distribution of cash t…
A document that describes a corporation's name and purpose, t…
A company organized as a separate legal entity, with most of…
Authorized stock
The amount of stock that a corporation is authorized to sell…
Cash dividend
A pro rata (proportional to ownership) distribution of cash t…
17 terms
financial accounting chapter 11
authorized number of shares
issued shares
outstanding shares
common stock
the maximum number of shares of a corporation's capital stock…
represent the total number of shares or stock that have been…
refer to the total number of shares of stock that are owned b…
the basic voting stock issued by a corporation
authorized number of shares
the maximum number of shares of a corporation's capital stock…
issued shares
represent the total number of shares or stock that have been…
22 terms
Financial Accounting Chapter 11 and 14
Liabilities
Current Liabilities
Accounts Payable
Sales Tax Payable
Debits that are owed to creditors.
Liabilities that must be paid with cash or goods and services…
Amounts owed for products or services purchased on account. (…
The retailer must pay the state in less than a year. (current)
Liabilities
Debits that are owed to creditors.
Current Liabilities
Liabilities that must be paid with cash or goods and services…
177 terms
Financial Accounting Chapter 11
Statement of Cash Flows
Because the other financial statements…
One goal of financial reporting is...
Success or failure in business often d…
To provide relevant information about a com[any's cash receip…
Provide only limited information about a company's cash flows…
To provide information that is helpful in predicting the amou…
Whether a company has enough cash to meet unexpected obligati…
Statement of Cash Flows
To provide relevant information about a com[any's cash receip…
Because the other financial statements…
Provide only limited information about a company's cash flows…
36 terms
Financial Accounting Chapter 11
Current Liabilities
The different types of current liabili…
Notes payable
Sales Taxes Payable
Is a debt that a company reasonably expects to pay (1) from e…
Notes payable. Accounts payable. Unearned revenues. Accrued l…
Companies record obligations in the form of written notes as
Many of the purchases in a retail stores are subject to sales…
Current Liabilities
Is a debt that a company reasonably expects to pay (1) from e…
The different types of current liabili…
Notes payable. Accounts payable. Unearned revenues. Accrued l…
17 terms
Financial Accounting Chapter 11
Authorized Number of Shares
Issues Shares
Outstanding Shares
Common Stock
is the maximum number of shares of a corporation's capital st…
represent the total number of shares of stock that have been…
refer to the total number of shares of stock that are owned b…
is the basic voting stock issued by a corporation.
Authorized Number of Shares
is the maximum number of shares of a corporation's capital st…
Issues Shares
represent the total number of shares of stock that have been…
56 terms
financial accounting chapter 11
appropriated retained earnings
authorized stock
basic earnings per share
book value per common share
retained earnings separately reported to inform stockholders…
total amount of stock that a corporation's charter authorizes…
net income less any preferred dividends and then dividends by…
recorded amount of equity applicable to common shares divided…
appropriated retained earnings
retained earnings separately reported to inform stockholders…
authorized stock
total amount of stock that a corporation's charter authorizes…
12 terms
financial accounting chapter 11
adverse opinion
unqualified (clean) opinion
comprehensive income
disclaimer
an audit opinion stating that the financial statements are un…
an audit opinion stating that the financial statements are re…
a company's change in total stockholder's equity from all sou…
an audit opinion stating that the auditor was unable to reach…
adverse opinion
an audit opinion stating that the financial statements are un…
unqualified (clean) opinion
an audit opinion stating that the financial statements are re…
61 terms
Chapter 11 Financial Accounting
Corporation
Advantages of corporation
Disadvantages of corporate form
Incorporates
An entity created by law that is seperate from its owners
Separate legal entity... Limited liability of stockholders... Trans…
Government regulation... Corporate taxation
Charter application usually must be signed by the prospective…
Corporation
An entity created by law that is seperate from its owners
Advantages of corporation
Separate legal entity... Limited liability of stockholders... Trans…
10 terms
Financial Accounting Chapter 11
Asset turnover
Cash flow to sales
Cash return on assets
Direct method
Sales revenue divided by average total assets; measures the s…
Net cash flows from operating activities divided by sales rev…
Net cash flows from operating activities divided by average t…
Adjusts the items on the income statement to directly show th…
Asset turnover
Sales revenue divided by average total assets; measures the s…
Cash flow to sales
Net cash flows from operating activities divided by sales rev…
Chapter 11 Financial Accounting
Operating activities
Investing activities
Financing Activities
Statement of cash flows
Day to day activities that create revenues or expenses.
Activities that increase or decrease long-term assets.
Activities related to the issuance of, and repayment of, long…
A financial statement that shows all of the sources and all o…
Operating activities
Day to day activities that create revenues or expenses.
Investing activities
Activities that increase or decrease long-term assets.
19 terms
Financial Accounting Chapter 11
bonus
employee earning record
employees withholding allowance certif…
Fair labor standards act
compensation to management personnel and other employees base…
a cumulative record of each employees gross earnings, deducti…
an internal revenue system form on which the employee indicat…
1938 law amended with additional provisions in 1977 . commonl…
bonus
compensation to management personnel and other employees base…
employee earning record
a cumulative record of each employees gross earnings, deducti…
10 terms
Financial Accounting Chapter 11
Defined benefit Plan
Defined contribution Plan
contingent liabilities
Pension
A pension plan that promises employees... a fixed annual pension…
A Pension plan that requires a fixed... amount of money to be in…
Liabilities that may rise from past... transactions if certain e…
A cash payment to retired... employees.
Defined benefit Plan
A pension plan that promises employees... a fixed annual pension…
Defined contribution Plan
A Pension plan that requires a fixed... amount of money to be in…
38 terms
Financial Accounting Chapter 11
Corporation
Stockholders or Shareholders
Privately Held Corporation
Publicaly Held Corporation
entity created by law that is separate from its owners.
Owners of corporation
Does not offer is stock for public sale and usually has few s…
offers its stock for public sale and can have thousands of st…
Corporation
entity created by law that is separate from its owners.
Stockholders or Shareholders
Owners of corporation
24 terms
Financial Accounting Chapter 11
Authorized shares
Callable preferred stock
Common stock
Convertible preferred stock
The maximum number of shares a corporation can issue without…
Preferred stock that the issuing corporation can redeem or re…
Shares of stock that carry voting rights but that rank below…
Preferred stock that the owner can exchange for common stock.
Authorized shares
The maximum number of shares a corporation can issue without…
Callable preferred stock
Preferred stock that the issuing corporation can redeem or re…
31 terms
Financial Accounting Chapter 11 Vocabulary
Corporation
Capital Stock
Authorized Stock
Market value per share
Business that is a separate legal entity under state or feder…
General term referring to a corporation's stock used in obtai…
Total amount of stock that a corporation's charter authorizes…
Price at which stock is bought or sold.
Corporation
Business that is a separate legal entity under state or feder…
Capital Stock
General term referring to a corporation's stock used in obtai…
27 terms
Financial Accounting Chapter 11
Authorized stock
Cash dividend
Charter
Corporation
The amount of stock that a corporation is authorized to sell…
A pro rata (proportional to ownership) distribution of cash t…
A document that describes a corporation's name and purpose, t…
A company organized as a separate legal entity, with most of…
Authorized stock
The amount of stock that a corporation is authorized to sell…
Cash dividend
A pro rata (proportional to ownership) distribution of cash t…
26 terms
Financial Accounting - Chapter 11
Stock
Stockholders
Public Corporations
Nonpublic or Private Corporations
A corporation sells shares of ownership
Shareholders who own the stock own the corporation. They can…
Corporations whose shares of stock are traded in public marke…
Corporations whose shares are not traded publicly are usually…
Stock
A corporation sells shares of ownership
Stockholders
Shareholders who own the stock own the corporation. They can…
23 terms
Chapter 11 Financial Accounting
Advantages of Corporations
Because a Corporation is a Separate Le…
Stockholders Rights
Authorized Shares
simple to become an owner ... easy to transfer ownership ... provid…
own assets ... incur liabilities ... sue and be sued ... enter into co…
voting in person or by proxy ... proportionate distribution of p…
the maximum number of shares of capital stock that can be sol…
Advantages of Corporations
simple to become an owner ... easy to transfer ownership ... provid…
Because a Corporation is a Separate Le…
own assets ... incur liabilities ... sue and be sued ... enter into co…
27 terms
Chapter 11 Financial Accounting
Authorized stock (p. 576)
Cash dividend (p. 584)
Charter (p. 374)
Corporation (p. 570)
The amount of stock that a corporation is authorized to sell…
A pro rats (proportional to ownership) distribution of cash t…
A document that describes a corporation's name and purpose, t…
A company organized as a separate legal entity, with most of…
Authorized stock (p. 576)
The amount of stock that a corporation is authorized to sell…
Cash dividend (p. 584)
A pro rats (proportional to ownership) distribution of cash t…
60 terms
Financial Accounting, Chapter 11
Articulated statements
Authorized shares
Issued shares
Outstanding shares
refer to the fact that information on the income statement is…
The maximum number of shares a corporation may issue as indic…
The number of shares sold or distributed to stockholders:
The number of shares issued less the number of shares held as…
Articulated statements
refer to the fact that information on the income statement is…
Authorized shares
The maximum number of shares a corporation may issue as indic…
18 terms
financial accounting chapter 11
cash dividend
common stock
cumulative preferred stock
discount
a cash distribution of earnings by a corporation to its share…
the stock outstanding when a corporation has issued only one…
stock that has a right to receive regular dividends that were…
the interest deducted from the maturity value of a note or th…
cash dividend
a cash distribution of earnings by a corporation to its share…
common stock
the stock outstanding when a corporation has issued only one…
Financial Accounting Chapter 11 Terms
Sole Proprietorship
Partnership
Corporation
Securities and Exchange Commision (SEC)
owned by a single individual who is responsible for making bu…
Owned by two or more individuals who share the risk and profi…
A separate legal entity created by the authority of a state g…
Enforces the Acts the regulate the issuance of stock and to g…
Sole Proprietorship
owned by a single individual who is responsible for making bu…
Partnership
Owned by two or more individuals who share the risk and profi…
Financial Accounting Chapter 11 Terms
Authorized Shares
Book Value
Book Value Per Share
Callable Preferred Stock
The maximum number of shares a corporation can issue without…
A company's total assets less it liabilities; also called Sto…
The equity of the owner of one share of stock in the net asse…
Preferred stock that the issuing corporation can redeem or re…
Authorized Shares
The maximum number of shares a corporation can issue without…
Book Value
A company's total assets less it liabilities; also called Sto…
24 terms
Financial Accounting Chapter 11
Benefits of owning Common stock.3
What is the maximum number of common s…
What is stock that has been sold to th…
What are shares held by individuals ca…
-A voting voice in management... -Dividends... -Residual claim, get…
Authorized number of shares
Issued shares
Outstanding shares
Benefits of owning Common stock.3
-A voting voice in management... -Dividends... -Residual claim, get…
What is the maximum number of common s…
Authorized number of shares
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