MIDTERM EXAMINATION

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It provides a financial summary of the firm's operating results
INCOME STATEMENT
during a specified period.
It is a summary statement of the firm's financial position at a given
BALANCE SHEET
point in time.
The profit that a company has earned to date, less any dividends
STATEMENET OF RETAINED EARNINGS
or other distributions paid to investors
It provides a summary of the firm's operating, investment and
STATEMENT OF CASH FLOW financing cash flows and reconciles them with changes in its cash
and marketable securities during the period.
It is the residual interest of the owners in the assets of the business
EQUITY
after considering all liabilities.
PERSONAL FINANCE It is the activity of managing your own money.
A planning which helps to define individual's financial goals and
PERSONAL FINANCIAL PLANNING
develop appropriate strategies to reach them.
FINANCE It is the ART and SCIENCE of managing money.
A system that identifies, records and communicates relevant eco-
ACCOUNTING nomic events to interested users and provide the quantitative
information.
Is money, property, or other material goods given to another party
LOAN
in exchange for future repayment
The amounts received by a business earned as a result of selling
REVENUE
something or rendering a service
It is the medium of exchange used to measure value in financial
MONEY
transactions.
A thin rectangular slab of plastic issued by a financial company,
CREDIT CARD that lets cardholders borrow funds with which to pay for goods and
services.
a prepaid card onto which an employer loads an employee's salary
PAYROLL CARD
each payday.
It is a short term financial planning report that helps an individual's
BUDGET
achieve the short - term financial goals
Represent the liability accounts of the company, arising from pur-
ACCOUNTS PAYABLE
chase of merchandise that is intended for sale.
NOTES RECEIVABLE Also called promissory notes
CURRENT ASSET Expected to be converted into cash within 1 year or less.
CURRENT LIABILITIES Expected to be paid within 1 year or less.
Is a type of savings/ investment account that promises the investor
FIXED DEPOSIT ACCOUNT
a fixed rate of interest.
PHASES OF ACCOUNTING
their value and assets are harder to measure and evaluate, com-
INTANGIBLE ASSETS
pared to tangible assets.
- INCOME STATEMENT
- BALANCE SHEET
KEY FINANCIAL STATEMENT
-STATEMENT OF RETAINED EARNINGS
- STATEMENT OF CASH FLOW
- SHORT TERM GOALS
TYPES OF FINANCIAL GOALS - LONG TERM GOALS
- INTERMEDIATE
SHORT TERM GOALS 12 - months period
LONG TERM GOALS 6 years out to the next 30 or 40 years
INTERMEDIATE GOALS 2 - 5 years

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 MIDTERM EXAMINATION
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Is interest on the amount invested or borrowed at a given rate and
SIMPLE INTEREST
for a given time.
PREPARATION OF STATEMENT OF OPERATIONS INCOME STATEMENT (SOLVING)

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