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Chapter 9

Accouting

TermDefinition
statement of changes in owner's equity a financial statement that summarizes changes in the owners capital account as a result of business transactions during the period
balance sheet a report of the balances in the permanent accounts on a specific date
report form a balance sheet format that lists classifications one under another
statement of cash flows a financial statement that summarizes the cash receipts and cash payments resulting from business activities during a period
ratio analysis the process of evaluating the relationship between various amounts in the financial statements
profitability ratio a ratio used to evaluate the earnings performance of a business during the accounting period
return on sales a ratio that examines the portion of each sales dollar that represents profit; calculated by dividing net income by sales
current assets the assets that are either used up r converted to cash during the normal operating cycle of the business
current liabilities the debts of a business that must be paid within the next accounting period
working capital the amount by which current assets exceed current liabilities
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
current ratio the relationship between current assets and current liabilities; calculated by dividing current assets by current liabilities
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
Created by: 308918