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Chapter 9 Key Terms

TermDefinition
Balance Sheet a report of the balances int the permanent accounts at the end of the period
Current Assets are those used up or converted to cash during the normal operating cycle of the business
Current Liabilities debts of the business that must be paid within the next accounting period
Current Ratio reflects the relationship between current assets and current liabilities
Financial Statements reports prepared to summarize the changes resulting from business transactions
Income Statement reports the net income or net loss for a specific period
Liquidity Ratio is the measure of the ability of a business to pay its current debts as the become due and to provide for an unexpected need for cash
Quick Ratio is a measure of the relationship between short-term assets and current liabilities
Ratio Analysis the process of evaluating the relationship between various amounts in the financial statements
Report Form listing the balance sheet sections one after another
Return on Slales used to examine the portion of each sales dollar that represents profit
Statement of Cash Flows summarizes the following: -the amount of cash the business took in -the sources of cash -the amount of cash the business paid out -the uses of cash
Statement of Changes in Owner's Equity summarizes changes in the owners capital account as the result of a transaction
Working Capital the amount by which current assets exceed current liabilities
Profitability Ratio used to evaluate the earnings performance of the business during the accounting period
Created by: blakebode54