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AccountingChapter7

Ms. Boyds Accouting vocabulary

TermDefinition
Stakeholders Any group or persons who will be affected by an action
Component Percentage The percentage relationship between one financial statement item and the total that includes the item
Income Statement Reports information over a specific period of time.(example of a income statement can be found on pg. 185.)
The Heading of most financial statements answer ___ and ___ and ___ Name of company, Name of statement, Date
Revenue An INCREASE in owner's equity resulting from the operation of a business (usually sales).
Expenses a DECREASE in owners equity resulting from the operation of a business.
Total expenses Component Percentage = ? Total expenses / Total Sales
Net Income Component Percentage = ? Net Income / Total sales
Created by: ClaresAccounting