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Chp 9

Chapter 9

Income Statement reports the net income or net loss for a specific period of time.
Statement of changes in owners equity summarizes changes in owners capital account as a result of business transactions that occur during a period.
Balance Sheet is a report of the balances in the permanent accounts at the end of the period.
Report form listing the balance sheet sections one under the other
Statement of cash flow summarizes, the amount of cash the business took in, the sources of cash, the amount of cash the business paid out, the uses of cash.
Ratio analysis the process of evaluating the relationship between various amounts in the fiscal statements.
Profitability ratios Are used to evaluate earnings performance of the business during the accounting period
return on sales ratio to examine the portion of each sales dollar that represents profit
Current Assets Are those used up or converted to cash during the normal operating cycles
Current Liabilities are debts of the business that must be paid within the next accounting period
Working capital The amount by which current assets exceed current liabilities
Liquidity ratio Is a measure of the ability of a business to pay its current debts as they become due and to provide for an unexpected need for cash
Current ratio reflects the relationship between current assets and current liabilities.
quick ratio Is a measure o the relationship between short term assets and current liabilities.
Created by: Jdegolier16