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Terminology.In the space provided, write the word or phrase that is defined or indicated.

1. Net income minus preferred dividends divided by the weighted average of shares outstanding___________
2. All changes in equity during a period except those resulting from investments by owners and distributions to owners.________-
3. A correction of an error is reported as a _________.
4. The portion of equity interest in a subsidiary not attributable to the parent company. ____________
5. The income statement category for a disposal of a component of a business. ___________
6. Relating tax expense to specific items on the income statement. _________
7. Obligations expected to be liquidated ______ through use of current assets.
8. Statement showing financial condition at a _________ point in time.
9. Events that depend upon future outcomes. ___________
10.Probable future sacrifices of economic benefits.________
11.Resources expected to be converted to ______n one year or the operating cycle, whichever is longer
12.Resources of a durable nature used in _____________operations.
13.Economic rights or competitive advantages _________ which lack physical substance.
14.Probable future economic benefits. _________
15.Residual interest in the net assets of an entity_______

1 Answer

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Answer:

1. Earnings per share.

2. Comprehensive income.

3. Prior period adjustment.

4. Non-controlling interest.

5. Discontinued operations.

6. Intra-period tax allocation.

7. Current liabilities.

8. Balance sheet.

9. Contingencies.

10. Liabilities.

11. Current assets.

12. Property, plant and equipment.

13. Intangible assets.

14. Assets.

15. Equity.

Step-by-step explanation:

1. Net income minus preferred dividends divided by the weighted average of shares outstanding: Earnings per share.

2. All changes in equity during a period except those resulting from investments by owners and distributions to owners: Comprehensive income.

3. A correction of an error is reported as a: Prior period adjustment.

4. The portion of equity interest in a subsidiary not attributable to the parent company: Non-controlling interest.

5. The income statement category for a disposal of a component of a business: Discontinued operations.

6. Relating tax expense to specific items on the income statement: Intra-period tax allocation.

7. Obligations expected to be liquidated through use of current assets: Current liabilities.

8. Statement showing financial condition at a point in time: Balance sheet.

9. Events that depend upon future outcomes: Contingencies.

10. Probable future sacrifices of economic benefits: Liabilities.

11. Resources expected to be converted to cash in one year or the operating cycle, whichever is longer: Current assets.

12. Resources of a durable nature used in operations: Property, plant and equipment.

13. Economic rights or competitive advantages which lack physical substance: Intangible assets.

14. Probable future economic benefits: Assets.

15. Residual interest in the net assets of an entity: Equity.

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