Key Terms May Include Key Facts

question 20

True/False

Key terms may include key facts.

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Definitions:

Provisions

Liabilities of uncertain timing or amount, set aside in a company’s financial statements to cover anticipated losses or obligations.

Events

Occurrences or actions that can have an impact on the operational, financial, or legal standing of an organization.

Capital Balances

The amount of funds contributed by owners or the net assets available in a business after liabilities have been subtracted.

Net Income

The amount of earnings after subtracting all costs and expenses from revenue, including taxes and other deductions. Representing a company's profit over a specified period.