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Terms
Statement of Changes in Owners Equity
Income statement
Balance sheet
Miscellaneous/T&F
100
Summarize the changes resulting from business transactions that occur during an accounting period.
What is a financial statement?
100
Summarizes changes in the owners capital account as a result of business transitions that occur during the period.
What is statement of changes in owners equity?
100
reports the net income or net loss for a specific period of time.
What is income statement?
100
The liabilities and owners equity sections.
What is the 3rd section of a balance sheet?
100
Assets= Liabilities + Owners Equity
What is true?
200
The process of evaluating the relationship between various amounts in the financial statements.
What is ratio analysis?
200
The first line.
Where is the name of the business located?
200
4 sections
What is the amount of sections in the income statement?
200
The name of the financial statement.
What is the 2nd section of the heading?
200
current assets equals current liabilities
What is false?
300
Used to evaluate the earnings performance of the business during the accounting period.
What is profitability ratios?
300
The third line.
Where is the period covered located?
300
Expenses of the period, heading, revenue for the period, net income or net loss for the period.
What is the names of the 4 sections in the income statement?
300
What a business owns, owes, and it is worth.
What is the balance sheet summarizing?
300
Current assets ------------------- = Current Ratio Current liabilities
What is true?
400
A ratio used to examine the portion of each sales dollar that represents profit.
What is return on sales?
400
Eight steps
What is the amount of steps to create a statement of changes in owners equity
400
The heading, the revenue for the period, expenses for the period, the net income or net loss of the period.
What is the order of the sections?
400
Statement of financial position.
What is the balance sheet sometimes called?
400
Period 3, Mrs. Edge.
What is the best class in Burbank High School?
500
The amount by which current assets exceed liabilities.
What is working capital?
500
Worksheet, income statement, owners capital in the general ledger.
What is the three places used to create this statement?
500
Name of the business
What is the first step of the heading?
500
4...... jk 5!!!!!!!!!!
What is 2 + 3?