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Accouting

Corporation
business legally separate from its owners
common stock
account used to record owners investments in the business
business entity assumption
keeping business and personal transactions seperate
account
record of increases and decreases in asset, liability,equity,revenue or expense
dividends
account used to record transfers of assets from a business to its owner
objectivity principle
information is supported by independent, unbiased president
partnership
has unlimited liability
net income
excess of revenues over expenses
unearned revenues are a
liability
dividends
distribution by a business to its owners
cost principle
requires accounting information to be based on actual cost
ledger
collection of all accounts and their balances
prepaid expense
assets that represent prepayments of future expenses
liabilities
creditors claim on assets of a company
accrued revenues
result in cash receipts in next period
current ratio
company’s ability to pay debt in future
adjusting entries
affect both income statement and balance sheet accounts
profit margin
net income divided by net sales
book value
diff between cost of asset and accum depreciation
net sales
sales less sales discounts less sales returns and allowances
patent
20 years
copyright
70 years
contingent liablity
potential obligation
futa taxes are
unemployment taxes
preemptive right
common shareholders to protect proportionate interest
authorized stock
total amount a corporations charter allows to issue
voting rights
owners of preferred stock do not have
price earnings ration
market value per share divided by earnings per share

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