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Argyll Accounting Ch

Argyll Accounting Ch. 7

TermDefinition
Name of the business First line of a heading
Revenue Listed first on an Inc. Statement after the heading
Sales Main Revenue account
Revenue minus Expenses How to determine Net Income
Matching Expenses with Revenue Concept that states revenue earned and expenses incurred must be reported in that fiscal period
Net Income or Loss Last line of the Income Statement
Adequate Disclosure Concept when all financial information is reported in financial statements
Going Concern The accounting concept indicating that a business with operate indefinitely.
Left Expenses are listed in this column of the Inc. Statement
Component Percentage The percentage relationship between one financial statement item and a total
Expenses and Net Income/Loss The amounts on an income statement used to obtain component percentages
Rule Double lines The last act on and income statement
Parentheses This goes around a net loss
Name of financial statement Second line of a financial statement heading
Income statement columns of the worksheet Where do you obtain the amount to complete an income statement
Assets Listed on the left side of a balance sheet
Liabilities and Owners Equity Listed on the right side of a balance sheet
Equal The left and right side of a balance sheet should do this
Balance sheet columns of the worksheet and the net income/loss Where do you obtain the amounts used to complete a balance sheet
Capital minus Drawing plus Net Income How to determine the owner's capital for the balance sheet
For Month Ended This is prior to the date on an Income Statement
Ruled single line This is drawn prior to calculating
Equal and on the same line The totals on a balance sheet should be this
Centered The headings on a balance sheet should be this
Divide Net Income by Sales This is how you determine the component percentage of Net Income on an Income Statement
Below 55% An acceptable expense component percentage
Above 45% An acceptable net income component percentage
Stakeholders Any person or group who will be affected by an action
Liabilities and Owners Equity The two types of equities
Revenue, Expenses and Net Income The three main sections in order of an income statement
Right The totals of each main section of an income statement are list in this column
Billy Your favorite accounting teacher
Created by: rholloway