LaShawn Alladin
Financial Accounting
Unit 1
01/15/2012
M1-1
Abbreviation | Full Designation |
(1) | CPA | Certified Public Accountant |
(2) | GAAP | Generally Accepted Accounting Principles |
(3) | FASB | Financial Accounting Standards Board |
(4) | SEC | Securities and Exchange Commission |
M1-2
Term or Abbreviation Definition
IFD EACJGBLKH | (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12) | SECInvesting activitiesPrivate companyCorporationAccountingPartnershipFASB Financing activitiesUnit of measureGAAPPublic companyOperating activities | A system that collects and processes financial information about an organization and reports that information to decision makers.Measurement of information about a business in the monetary unit (dollars or other national currency).An unincorporated business owned by two or more persons.A company that sells shares of its stock privately and is not required to release its financial statements to the public.An incorporated business that issues shares of stock as evidence of ownership.Buying and selling productive resources with long lives.Transactions with lenders (borrowing and repaying cash) and stockholders (selling company stock and paying dividends).Activities directly related to running the business to earn profit.Securities and Exchange Commission.Financial Accounting Standards Board.A company that has its stock bought and sold by investors on established stock exchanges .Generally accepted accounting principles. |
M1-7
L | (1) Accounts Payable |
SE | (2) Contributed Capital |
A | (3) Equipment |
A | (4) Accounts Receivable |
L | (5) Notes Payable |
A | (6) Cash |
SE | (7) Retained Earnings |
E | (8) Selling and Administrative Expenses |
R | (9) Sales Revenue |
A | (10) Supplies |
CP1-1
NUCLEAR COMPANY
Income Statement
For the Year Ended December 31, 2009
Sales Revenue $ 88,000
Expenses
Operating Expenses 57,200
Other Expenses...