MGAB03H3 Study Guide - Midterm Guide: Trial Balance, Financial Statement, Cheque

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Document Summary

Arms-length relationship/transaction: relates to the origin of handshakes, a market transaction, reflects the actual transaction. Contingent fund: an account set aside for any unforeseen events requiring money. Plugging: a variable that handles financial slack in the financial plan. Transparency: not being able to see everything going on in a business. Head count: number of employees, relates to microsoft. Bottom line: used for income statements, essentially the net income. Cooking the books: changing something radically on financial statements, usually illegal. Red ink: shows a loss on a financial statement. Bounce cheque: a cheque that is returned to the writer, also known as a rubber cheque. Float: beginning money mainly used to give change to customers. Drill down: asking more precise questions to shorten things down. Shareholders are the owners of a public corporation. Creditors can have claims on asset accounts. Analyzing transactions the steps to analyzing them and the factors that create these financial changes.

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