The difference between total revenue and total expenses when total revenue is greater
What is net income?
200
This accounting concept is applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely
What is Going Concern?
200
Total Expenses divided Total Sales
What is the Total Expense Component Percentage?
200
If total expenses exceed total revenue
What is net loss?
200
The date on a balance sheet for the date March 31, 2015 is written....
What is March 31, 2015?
(a balance sheet reports financial information on a specific date)
200
The difference between total revenue and total expenses when total expenses are greater
What is net loss?
300
This accounting concept is applied when statements are prepared at the end of each monthly fiscal period
What is Accounting Period Cycle?
300
The Capital account balance minus withdrawals plus net income
What is Current Capital reported on the Balance Sheet?
300
The percentage relationship between one financial statement item and the total that includes that item
What is Component Percentage?
300
State the Accounting equation?
Assets = Liabilities + Owner's Equity
300
A financial statement that reports assets, liabilities and owner's equity on a specific date
What is a balance sheet?
400
The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period
What is Matching Expenses with Revenue?
400
Net Income divided by Sales
What is the Net Income Component Percentage?
400
Information needed to prepare an income statement comes from what part of the worksheet?
What is the Income Statement columns?
400
The information needed to prepare a balance sheet liabilities section is obtained from a worksheet's Account Title column and .....
What is the credit column of a balance sheet?
400
A financial statement showing the revenue and expenses for a fiscal period
What is an Income Statement?
500
This concept is applied when the same accounting procedures are followed in the same way in each accounting period
What is Consistent Reporting?
500
If the supplies account balance is $1000 and at the end of the month an inventory is taken and it is determined there are $300 of supplies still on hand, what is the supplies expense for the month?
$700
500
The date on a monthly Income Statement prepared on November 30, 2015 is written as
For Month Ended November 30, 2015
500
How is Current Capital calculated for the balance sheet when the business has a net loss?
Capital minus Drawing minus net loss
500
Changes recorded on work sheet to update general ledger accounts at the end of a fiscal period