Accounting?
Question:
A: assets
B: stock holders
C: revenues
D: liablilities
E: separate entity
F: Owners Equity
Answer:
a. In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e.g. a company, the measurement of which can be expressed in monetary terms. Asset is listed on the balance sheet. It has a normal balance of debit.
b. A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. The shareholders are the owners of a corporation. Companies listed at the stock market strive to enhance shareholder value.
c. Revenue is a U.S. business term for the amount of money that a company receives from its activities in a given period, mostly from sales of products and/or services to customers. In Europe (including the UK) the term is turnover. For individuals, the equivalent term is income. For government, revenues refers to the gross proceeds received from taxes, fees, and the like. For non-profit organizations, revenue from products and services can be expanded to include proceeds from donations, grants, trade in lieu of cash, and other liquid assets.
d. In accounting, a financial liability is something that is owed to another party. This is typically contrasted with an asset which is something of value that is owned. The basic accounting equation relates assets, liability, and capital in the form of equity:
Assets = Liabilities + Owner'sEquity,
Where assets are that which is owned, liabilities are that which is owed to others, and equity is that which has been invested in the venture.
e. A transaction is an agreement, communication, or movement carried out between separate entities or objects.
f. In finance and accounting, ownership equity, commonly known simply as equity, but also as risk capital or liable capital, is the difference in value between the assets and the claims on them (liabilities), which accrues to the owner(s). In case the owners are shareholders, it is usually called shareholders' equity. Equity can be a source of assets, either through contributed capital (the contribution of capital resources, i.e., assets from the owners) or retained earnings (when the business increases assets through earning activities). These retained earnings can then be distributed to the owners (through equity draws or dividends depending on the corporate structure) or kept in the business.
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