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Chapter 9

TermDefinition
Financial statements Summarizes the changes resulting from business transactions that occur during an accounting period.
Income statement Reports net income or net loss
Statement of changes in owners equity Summarizes changes in owners capital account as a result of business transactions
Balance sheet A report of the balances in the permanent accounts at the end of the period.
Report form Lists the balance sheet section one under the other.
Statement of cash flows summarizes amount of cash taken in, sources of cash, amount cash removed.
Ratio analysis process of evaluating the relationship between various amounts in the financial statements
Profitability ratios evaluate the earnings performance of the business during an accounting period.
Current assets used up or converted to cash during normal operating cycle.
Current liabilites debts of the business that mus be paid within the next accounting period
Working capital amount by which current assets exceed current liabilities
Liquidity ratio is a measure of the ability of a business to pay its debt as they become due
Current ratio Reflects current assets and liabilites
Quick ratio Measure of the relationship between short term assets and current liabilites
Return on sales examine the portion of each sales dollar that represents profit
Created by: 375517