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Formulas and terms
Income statement
Accounting concepts
Financial Reporting
Worksheet
100
person or group who will be affected by an action
What is a stakeholder?
100
Heading, Revenues, Expenses, Net Income (Loss)
What are the 4 sections of the Income statement?
100
The same accounting procedures must be followed in the same way each accounting period
What is Consistent Reporting?
100
Reports a business's progress of earning (loss) over a period of time
What is an Income Statement?
100
the worksheet is used to prepare these
What are financial statements?
200
length of time for which a business summarizes and reports financial information
What is fiscal period?
200
Net income divided by total sales
What is the net income component percentage?
200
Changes in financial information are reported for a specific period of time in the form of financial statements
What is Accounting Period Cycle?
200
This type of ruled line indicates that amounts are to be added
What is a single line?
200
changes recorded on the worksheet to update general ledger accounts at the end of a fiscal period
What are adjustments?
300
the relationship between one financial statement item and the total that includes that item
What is component percentage?
300
Numbers needed to prepare an Income statement expense section are obtained from this column of the worksheet
What is the Income statement debit column?
300
Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period
What is Matching Expenses with Revenue?
300
Reports financial condition of the business on a specific date
What is a balance sheet?
300
The "when" part of the worksheet heading
What is For the (period) ended MM/DD/YYYY?
400
Beginning capital plus net income less owner's draw
What is current capital balance?
400
A number in parentheses on the income statement
What is a loss?
400
Financial Statements must contain all information necessary to understand a business's financial condition
What is Adequate Disclosure
400
The only account on the balance sheet whose balance is not taken directly from the worksheet
What is capital?
400
The value of prepaid insurance that is used during a fiscal period
What is insurance expense?
500
difference between total revenue and total expenses when total expenses are greater
What is net loss?
500
Double check Net income on your Income statement here
What is a worksheet?
500
A source document must be prepared for each business transaction
What is Objective Evidence?
500
This indicates that columns have been totaled and verified as correct
What is a double-ruled line?
500
When the worksheet income statement credit column is greater than the worksheet income statement debit column
What is net income?