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Chapter 9 Accounting

TermDefinition
balance sheet a report of the balances in the permanent accounts on a specific date
current assets the assets that are either used up or converted to cash during the normal operating cycle of the business
current liabilities the debts of the business that must be paid within the next accounting period
current ratio the relationship between current assets and current liabilities; calculated by dividing current assets by current liabilities
financial statements reports prepared to summarize the changes resulting from business transactions that occur during an accounting period
income statement a report of the net income or net loss for a specific period
liquidity ratio the measure of a business's ability to pay its current debts as they become due and to provide for an unexpected need for cash
profitability ratio a ratio used to evaluate the earnings performance of a business during the accounting period
quick ratio a measure of the relationship between short-term assets and current liabilities; calculated by dividing the total cash and receivables by the current liabilities
ratio analysis the process of evaluating the relationship between various amounts in the financial statements
report form a balance sheet that lists classifications one under another
return on sales a ratio that examines the portion of each sale dollar that represents profit; calculated by dividing net income by sales
statement of cash flows a financial statement that summarizes the cash receipts and cash payments resulting from business activities during a period
statement on changes in owners equity a financial statement that summarizes changes in the owner's capital account as a result of business transactions during the period
working capital the amount by which current assets exceed current liabilities
Created by: Janna.Curtis