Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Argyll Accounting Ch
Argyll Accounting Ch. 7
| Term | Definition |
|---|---|
| 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
Popular Accounting sets