A financial road map used by individuals and companies as a guide for spending and saving. (p. 193)

A negative balance that remains after total expenses are subtracted from total income. (p. 193)

The area of accounting which focuses on reporting information to external users. (p. 190)

A comparison between two components of financial information. (p. 195)

Financial statements providing information for a time period shorter than the fiscal year. (p. 207)

The area of accounting that focuses on reporting information to internal users. (p. 190)

A budgeting strategy of setting aside at least 10% of after-tax income for saving and investing. (p. 193)

The calculation and interpretation of a financial ratio. (p. 195)

The ratio of net income to total sales. (p. 196)

Any persons or groups who will be affected by an action. (p. 191)

A positive balance that remains after total expenses are subtracted from total income. (p. 193)

Reporting an amount on a financial statement as a percentage of another item on the same financial statement. (p. 195)

A financial statement that reports the changes in the capital account for a proprietorship for a period of time

The four sections of an income statement include:Heading, revenue, expenses, and net income or:

The formula for calculating the total expenses ratio is Total Expenses divided by:

The formula for calculating the net income ratio is ______ divided by Total Sales.

The four sections on a balance sheet include the heading, the assets, liabilities and the __________.

The formula for calculating current capital is the capital account balance plus net income (or less net loss) less _____________ balance equals current capital.

The accounting concept _________is applied when financial statements contain all information necessary to understand a business's financial condition

Examples of internal users include company managers and __________.

Information about owner's equity might be obtained from the general ledger accounts or from a ______.

A balance sheet reports financial information on a specific date and includes the assets, _________, and owner's equity

An amount written in parentheses on a financial statement indicates a____________amount

Information needed to prepare an income statement comes from the ______________and the income Statement columns of a work sheet.

The _______________ with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period.