Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 7

TermDefinition
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