Terms in this set (11)
the financial statement that reports the final balances in all asset, liability,
and owner's equity accounts at the end of the accounting period.
Balance Sheet section of the work sheet
One source of information for completing the
summarizes the changes resulting from business transactions that
have occurred during an accounting period.
reports a business' net income or net loss over an entire accounting
Income Statement section of the work sheet
location of the information needed to
prepare the income statement.
Net Income or Net Loss
this would be reported on the Income Statement.
On a Specific Date
used on a balance sheet to answer the "When" of the report form.
a comparison of two items on a financial statement, resulting in a
percentage that is used to evaluate the relationship between the two items.
listing the classifications of balance sheet accounts one under the other.
Return on Sales
indicates what percentage of net sales represents profit.
Statement of Changes in Owner's Equity
a supporting document for completing the