Work Sheet
The length of time a business summarizes its financial information and reports its financial performance.
What is fiscal period or accounting period?
What is a financial statement showing the revenue and expenses for a fiscal period?
Income statement
The area of accounting that focuses on reporting information to external users.
What is financial accounting.
Equity
What is Assets + Liability?
Primary financial statements answer basic questions like
What is the company's financial status?
What was the company's results for the period?
How did the company obtain and use cash during the period?
What is the difference between total revenue and total expenses when total revenue is greater?
What is net income.
The area of accounting that focuses on reporting information to internal users.
What is Managerial accounting.
Assets
Shows the assets, liabilities, and Equity at a particular date.
What is the balance sheet?
Salaries, utility expense, and rent
What are expenses?
What information does the statement of changes in owner's equity provide us?
What is information for the one-month period. 1st of the month to the end of the month.
The accounting equation, assets = liabilities + owner's equity best represents which financial statement?
What is the balance sheet.
Income Statement
What are the revenues, expenses, and net income or Net loss of the company for a set period of time?
What are two financial statements do accountants prepare at the end of the accounting period?
What are the Income statement and balance sheet.
What is the formula for calculating current capital?
When does a company have a net loss for the period?
When the business expenses are greater than the revenue/sales for one accounting period.
Maximize revenue and minimize losses
What is improving margin?
Net income or net loss
What are revenues + expenses?
What three sections are included in a balance sheet?
What are assets, liabilities and owner's equity?
Liabilities
What is the stuff the company owes others?