The first two columns of the work sheet
balance sheet or balance sheet section
The permanent general ledger accounts are extended to this part of the worksheet.
This results when revenue is larger than expenses.
This results when the total of the credit column of the income statement section is less than the debit column.
Net income increases this account
Answers the questions "who", "what" and "when" on a work sheet.
The paper used to collect information from the general ledger accounts.
Transferring balances from the trial balance section of a work sheet to either the income statement or balance sheet sections.
Allows a business to match revenue against expenses as a means of measuring profit for the period.
Prepared to summarize the changes resulting from business transactions that occur during an accounting period.
A report of the net income or net loss for a fiscal period.
statement of changes in owner's equity
A financial stataement prepared to summarize the effects of business transactions on the capital account.
A format for preparing the balance sheet in which the classifications of accounts are listed one under another.
Return on sales
The portion of each sales dollar that represents profit. Net income divided by sales.
A comparison of two items on a financial statement, resulting in a percentage.