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Chapter 19

TermDefinition
Administrative Expenses Costs related to the management of a business.
Base Period A period that is used for comparison in Financial Statement analysis
Capital Stock The account that represents the total amount of investment in the corporation by its stockholders (owners)
Cash Inflows Receipts of Cash
Cash Outflows Payments of Cash
Comparability Accounting characteristic that allows the financial information to be compared from one period to another period; also allows the comparison of financial information between business
Financing Activities Business activities involving debt and equity transactions
Full Disclosure Accounting principal requiring a financial report to include enough information so that it is complete
Gross Profit on Sales The amount of profit made during the fiscal period before the expenses are deducted; it is found by subtracting the cost of merchandise sold from net sales
Horizontal Analysis The comparison of the same item(s) on financial statements for two or more accounting periods or dates; used to determine changes from one period to another.
Investing Activities Business activities involving investments and plant assets
Materiality An accounting guideline stating that information considered important (relative to the other information) should be included in financial reports
Net Purchases The total cost of all merchandise purchased during the period, less any purchase discounts, returns, and allowances
Net Sales The amount of sales for the period less any sales discounts, returns, and allowances
Operating Activities Business activities involving normal business operations
Operating Expenses The cash spent or assets consumed to earn revenue for a business; operating expenses do not include federal income tax expense
Operating Income The excess of gross profit over operating expenses; taxable income
Relevance An accounting characteristic requiring that all information that would affect the decisions of financial statement users be disclosed in the financial reports
Reliability A characteristic requiring that accounting information be reasonably free of bias and error
Retained Earnings A corporation's accumulated net income that is not distributed to stockholders
Selling Expenses Expenses a business incurs to sell or market its merchandise or services
Statement of Retained Earnings A financial statement that reports the changes in the retained earnings account during the period
Stockholders' Equity The value of the stockholder' claims to the corporation.
Vertical Analysis A method of analysis that expresses financial statement items as percentages of a base amount.
Created by: jbowers21
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