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Income Statements
Owner's Equity
Balance Sheet
Key Terms
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100
This goes at the top of the heading for an Income Statement.
What is who?
100
"Beginning Capital" is written on this line of the Statement of Changes in Owner's Equity.
What is first.
100
The balance sheet is a report of the balances in all ____, ____, _______
What is asset, liability, and owner's equity
100
This is a measure of the relationship between short-term assets and current liabilities.
What is quick ratio
100
These questions are on this chapter
What is 9
200
This is revenues normal balance.
What is credit
200
Investments by Owner goes in this section.
What is Add
200
______ = Liabilities + Owner's Equity
What is Assets
200
This is a measure of the ability of a business to pay its current debts as they become due to provide for unexpected needs of cash.
What is liquidity ratio
200
True or False accounting class is awesome
What is true
300
If your revenue is lower then your expenses you will have net _____
What is loss
300
Withdrawals by Owner goes in this section.
What is Less
300
This is a revenue account that represents the ____ of merchandise.
What is Sale
300
business owners us the _____ ratio to examine the portion of each sales dollar that represents profit.
What is return on sales.
300
These are prepared to summarize the changes resulting from business transactions that occur during an accounting period
What is Financial statements
400
It is possible to have multiple revenue accounts.
What is true.
400
Last line in Owner's Equity begins with these words
What is Ending Capital.
400
When the balance sheet is in report form the balance sheet accounts are shown ______
What is one under the other
400
These are used to evaluate the earnings performance of the business during the accounting period.
What is profitability ratios.
400
Reports the net income or net loss for the period
What is income statement.
500
Income statement is this stage of the accounting cycle.
What is seventh
500
Cash in back goes in which section of Owner's Equity.
What is none.
500
The current ratio is the _____ divided by the ______
What is current assets and current liabilities.
500
This involves the comparison of two amounts on a financial statement and the evaluation of the relationship between these amounts.
What is ratio analysis
500
The reporting period can only be yearly
What is false.