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AccountingChapter7

Terms

TermDefinition
Ratio Analysis The Calculation and interpretation of a financial ratio.
Financial Accounting The area of accounting that focuses on reporting information to external users.
Pay yourself First A budgeting strategy of setting aside at least 10% of after-tax income for saving and investing.
Budget A financial road map used by individuals and companies as a guide for spending and saving
Financial Ratio A comparison between two components of financial information.
Surplus A positive balance that remains after total expenses are subtracted from total income.
Deficit A negative balance that remains after total expenses are subtracted from total income.
Return On Sales The ratio of net income to total sales.
Vertical Analysis Reporting an amount on a financial statement as a percentage of another item on the same financial statement.
Stake Holders Any persons or groups who will be affected by an action.
Managerial Accounting The area of accounting that focuses on reporting information to internal users.
Created by: LaurenThomas05