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Chapter 7

Financial Accounting The area of accounting that focuses on reporting info to external users.
Managerial Accounting The area of accounting that focuses on reporting info to internal users.
FYI – Full Disclosure When financial statements contain all info necessary to understand a businesses financial condition. AKA Adequate Disclosure
FYI – Going Concern When financial statements are prepared with the expectation that a business will remain in operation indefinitely.
FYI – 4 sections of Income Statement Heading, Revenue, Expenses, Net Income/Net loss
FYI – 2 items Income Statement compares Revenue vs. Expenses
Financial Ratio A comparison between two components of financial info.
Ratio Analysis The calculation and interpretation of a financial ratio.
Vertical analysis Reporting an amount on a financial statement as a percentage of another item on the same financial statement.
ROS Return on Sales
FYI – ROS used to determine How much profit is being produced per dollar of sales.
FYI – ROS used by analysts determine profit per dollar sold.
FYI – 4 sections of Balance Sheet Heading, assets, liabilities, and owners equity.
FYI – Balance Sheet proves Assets=liabilities+Owners equity
FYI – steps to calculate Current Capital Add the capital amount, and the difference between the net income and the drawing account. Record the sum
Created by: andrew.v