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SDV196 Chapter 7


Financial Report written reports that summarize the results of financial transactions affecting a business and report its current financial position
Accounting Period a block of time covered by an accounting report
Accounting Cycle activities or steps, that help a business keep its accounting records in an orderly manner
Accounting Equation Assessts - Liabilities= Owner's Equity
Accounts Recievable total amount of money owed to a business by customers
Journal record of all transactions for a business
General Ledger a book or set of electronic files that contains the accounts used for a business
Posting the process of recording transfers of amounts from the general journal to individual accounts in the general ledger
Income Statement a report of the income net or net loss for an accouting period
Financial Statement reports that summarize changes that results from business transactions during an accounting period
Cost of Merchandise sold the amount of money business paid for goods that it sold to customers
Net Income the amount of revenue that remains after expenses for the accounting period are subtracted from the gross profit on sales
Balance Sheet a report of the balances of all asset, liablitily, and owner equity accounts at the end of an accounting period