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FOB Chpt. 17

Chapter 17: Accounting and Finance

TermDefinition
Accounting the language of business
Managerial Accountants internal support of accounting, gives information for decision makers within the company
Financial Accountants external communicators, responsible for company financial statements
Secured Debt borrowing money by presenting collateral (mortgage)
Unsecured Debt borrowing money with no collateral
Equity raising funds by selling a portion of ownership in the company
Income Statement Revenues = Sales Cost of Goods Sold Gross Profit = Sales - COGS Operating Expenses Net Income = Gross margin - operating expenses
Balance Sheet Assets and Liabilities
Assets cash/savings, receivables, and property
Liabilities car loans, payables, mortgage, student loan
Accounting Equation Assets = Liabilities + Owner's Equity
Owner's Equity the difference between assets and liabilities
Liquidity how quickly assets can be turned into cash
Profitability Ratios measures how effectively a firm’s managers are using the firm’s resources to achieve profits (ex. earnings per share)
Breakeven Point Fixed Costs/Contribution Margin = units
Securities and Exchange Commission (SEC) federal agency that regulates stock trades and ensured that companies tell the truth with respect to their financial positions
Efficiency Ratios how well your assets are being managed
Created by: naddotey
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