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. 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.

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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