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ch 9

balance sheet a report of the balances in the permanent accounts on 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
financial statements reports prepared to summarize the changes resulting from business transactions that occur during the accounting period
income statement a report of the net income or net loss for a specific period
liquidity ratio measure of a business ability to pay its current debts as they become due and to provide for an unexpected need for cash
profitability ratio ratio used to evaluate the earnings performance of a business during the accounting period
quick ratio measure of the relationship between short term assets and current liabilities
ratio analysis process of evaluating the relationship between various amounts in the financial statements
report form balance sheet format that lists classifications one under another
return on sales ratio that examines the portion of each sales dollar that represents profit
statement of cash flows financial statement that summarizes the cash receipts and cash payments resulting from business activities during the period
statement of changes in owners equity financial statement that summarizes changes in the owners capital account as a result of business transactions during the period
working capital amount by which current assets exceeded current liabilities
Created by: jcoghlan19
Popular Accounting sets




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