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TVS Accounting1-7

Accounting 1 Chapter 7

QuestionAnswer
When financial statements contain all information necessary to understand a business's financial condition Adequate Disclosure
When financial statements are prepared with the expectation that a business will remain in operation indefinitely Going Concern
The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period Matching Expenses with Revenue
The percentage relationship between one financial statement item and the total that includes that item Component Percentage
A financial statement showing the revenue and expenses for a fiscal period Income Statement
A financial statement that reports assets, liabilities, and owner's equity on a specific date Balance Sheet
The formula for calculating current capital with a Net Income Capital Account Balance + Net Income - Drawing
The formula for calculating current capital with a Net Loss Capital Account Balance - Net Loss - Drawing
The Accounting Equation Assets = Liabilities + Owner's Equity
Created by: TammieVanScyoc