TVS Accounting1-7 Word Scramble
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Question | Answer |
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
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