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Chapter 9

TermDefinition
Financial Statement Summarizes the changes resulting from business transactions that occur during an accounting period.
Income Statement Reports the net income or net loss for a specific period of time.
Statement of Changes in Owners Equity Summarizes changes in the owners capital account as a result of business transactions that occur during the 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 flows Summarizes the following information: Amount of cash the business took in, the sources of cash, the amount of cash the business paid out, the uses f cash.
Ratio Analysis The process of evaluating the relationship between various amounts in the financial statements.
Profitability Ratio Used to evaluate the earnings performance of the business during the accounting period.
Return Sales Ratio to examine the portion of each sales dollar that represents profit.
Current Assets Those used up or converted to cash during the normal operating cycle of the business.
Current Liabilities Debts of the business that must be paid within the next accounting period.
Working Capital Amount by which current assets exceeds current liabilities.
Liquidity Ratio A measure of the liabilities of a business to pay its current assets and current liabilities.
Current Ratio Reflects the relationship between current assets and current liabilities.
Quick Ratio A measure of the relationship between short term assets and current liabilities.
Created by: 333317
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