ACCT.1 Quiz Chapter 9

The income statement section of the worksheet provides the information used in preparing ______

The primary financial statment prepared for a sole proprietorship are the income statement, the statement of changes in owners equity and the ____

Financial reports that summarize the financial condition and operations of a business; summarize changes resulting from business transactions

A financial statement showing the revenue and expenses for a fiscal period; reports net income or net loss for a specific period of time

summarizes changes in the owner's capital account as a result of business transactions that occur during the period

A financial statement that reports assets, liabilities, and owner's equity on a specific date; report of balances in the permanent accounts at the end of a period.

A balance sheet format that lists classifications one under another.

A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.

the process of evaluating the relationship between various amounts in the financial statements

used to evaluate the earnings performance of the business during the accounting period

Net Income/Sales

items that can or will be converted into cash within one year

liabilities due within a short time, usually within a year

current assets - current liabilities

total liquid assets divided by total current debts; measures the ability to pay current debts