items owned with value
assets
a financial statement reporting assets, liabilities, and equity
balance sheet
the net worth of a company
equity
obligations owed to creditors
liabilities
the ability to convert assets into cash
liquidity
_____ and _____ are listed in the order of liquidity and maturity on the balance sheet.
Assets; liabilities
The following formula, (asset cost – resale value)/useful life, calculates _____ depreciation.
straight-line
Which financial statement includes revenues and expenses?
income statement
A business controlled by another company is called _____.
a subsidiary
A company that controls the operations of another company is called _____.
the parent
Form 1120 is due on _____ of every year.
April 15th
the money stockholders invested in the corporation
paid-in capital
stock purchased by the corporation selling it
treasury stock
Beginning retained earnings equals _____ retained earnings of the previous year.
ending
Dividend distribution is decided by the _____.
corporate board of directors
a financial statement tracking cash transactions
statement of cash flows
Obtaining a bank loan is considered a(n) _____ activity.
financing
Paying wages are noted in which section of the statement of cash flows?
operating
statements combining the financial performance of the parent and of its subsidiaries
consolidated financial statements
a process of comparing actual financial results to budget
variance analysis
Variance analysis represents the process of comparing _____.
actuals to budget