Accounting Chapter 9 Vocab (Glencoe)
Terms in this set (15)
Income Statement section of the worksheet
The source of information for completing the income statement is the ___.
The financial statement that reports the net income or net loss of the final period it covers is the ___.
The classifications of balance sheet accounts are shown one under the other in the ___.
Reports prepared to summarize the changes resulting from business transactions that have occurred during a fiscal period are called___.
statement of changes in Owner's Equity
A financial statement that is prepared to summarize the effects on the capital account of the various business transactions that occurred during the fiscal period is called a(n)___.
___ occurs when total revenue is greater than total expenses.
The net income or net loss amount shown on the income statement must agree with the amount shown on the ___.
A financial statement that is a report of the final balances in all asset, liability and owner's squirt accounts at the end of the decal period is the ___.
The ___ is the relationship between current assets and current liabilities.
return on sales
The ___ ratio is used to examine the portion of each sales dollar that represents profit.
A ___ is a measure of a business's ability to pay its current debts as they become due and to provide for unexpected needs of cash.
___ are the debts of the business that must be paid within the next account period.
___ are assets used up or converted to cash during the normal operating cycle of the business.
___ are used to evaluate the earnings performance of the business during the accounting period.
the comparison of two amounts on a financial statement and the evaluation of the relationship between these amounts