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Chapter 8 vocab

QuestionAnswer
Must be reported if good business decisions are to be made ALL Financial Information
When financial statements contain all information necessary to understand a business's financial condition Adequate Disclosure
When changes in financial information are reported for a specific period of time in the form of financial statements Accounting Period Cycle
A financial statement showing the revenue and expenses for a fiscal period Income Statement
When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period Matching Expenses with Revenue
1.) Heading, 2.) Revenue, 3.) Expenses, 4.) Net Income or Net Loss Income Statement sections
The percentage relationship between one financial statement item and the total that includes that item Component Percentage
When a business has multiple sources of revenue, multiple revenue accounts are needed Multiple Revenues
Indicates a negative amount Parentheses on Financial Statement
Reports financial information on a specific date, indicating the financial condition of a business Balance Sheet
Refers to its financial strength Financial Condition
1.) Heading, 2.) Assets, 3.) Liabilities, 4.) Owner's Equity Balance Sheet Sections
Balance Sheet = Accounting Equation BS = AE
Obtained from the work sheet's Account Title column Capital Account on Balance Sheet
Created by: echavez0195