Practice Accounting Final 2023

Reporting an amount on a financial statement as a percentage of another item on the same financial statement is called what?

The calculation and interpretation of a financial ratio is called ratio analysis.

The area of accounting that focuses on reporting information to external users is called what?

A comparison between two components of financial information is called a financial ratio.

A financial statement that summarizes a company’s assets, liabilities and shareholder’s equity at a specific point in time. The left and right sides of the sheet must always balance.

A financial statement that measures a company’s financial performance over a specific accounting period. Revenues vs. Expenses.

Accounts used to accumulate information from one fiscal period to the next are called what?

Accounts used to accumulate information until it is transferred to the owner’s capital account are called what?

Journal entries used to prepare temporary accounts for a new fiscal period are called what?

A trial balance prepared after the closing entries are posted is called a what?

The series of accounting activities included in recording financial information for a fiscal period is called the what?

What is a form generated by your employer to give information about your wages, taxes withheld, and other information for the purpose of filing your federal, state, and local taxes?

Goods that a business purchases to sell are called what?

A business that purchases and resells goods is called a what?

What is an organization with the legal rights of a person which many persons or other corporations may own.