Chapter 7: Part 4 (Pages 8-9)

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6 Terms

1
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Balance Sheet

Also known as Statement of Financial Position, presents the financial position of an organization at a specified date.

2
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Assets

Something that an entity owns or controls so that a company can produce economic benefits in its usage.

3
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Liabilities

An obligation that a business owes to someone, and its payment could be in cash or other resources.

4
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Equity

Primarily what the business owes to its owners. This represents the remainder amount of capital in the business after its assets are utilized to settle its outstanding liabilities.

5
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Cash Flow Statement

A financial report that describes the sources of a company's cash and how that cash was expended over a specified time period.

6
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Cash flow from operating activities

This is cash produced from the daily business operations.