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Flashcards in Final Exam Overview Deck (16):
1

private vs. public company

a private company is not publicly traded on the stock market

2

what is the SEC

securities and exchange commission

3

what is a 10-K and 10-Q

a 10-K is a company's annual financial report and a 10-Q is the company's quarterly financial report

4

what are the four or five basic financial statements

income statement (comprehensive income), balance sheet, statement of cash flows, and statement of stockholders' equity

5

what are some alternative names for the income statement

statement of operations, statement of earnings, and statement of profit and loss

6

what organizations write accounting rules

FASB, SEC, and IASB

7

what is the goal of the international accounting standards board

to have worldwide acceptance of a set of international financial reporting standards

8

some alternative names for net revenues

net sales, revenues, sales, and operating revenues (top line number)

9

alternative names for net income

net profit, net earnings

10

alternative name for the balance sheet

statement of financial position

11

what is the MD and A

the management's discussion and analysis

12

what does forward-looking information mean

it means it is reporting on things that could happen in the future

13

basic components of the income statement

revenues and expenses then net income (net income=revenues - expenses)

14

basic components of the balance sheet

assets, liabilities, and stockholders equity; classified one separates current and noncurrent; don't forget the total for each section and each side of the equation

15

basic components of statement of stockholders equity

retained earnings balance + net income - dividends = current retained earnings balance

16

why do we do adjusting entries

there are things that happen at the very end of the period or that we won't know until the period ends that we have to adjust on our books