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Ch 9

Accounting

TermDefinition
Financial Statements Summarize 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.
SOE (Statement of Changes in Owner's Equity) Summarizes the changes in the owner's capital account
Heading components Who, What, When?
Balance Sheet Report of the balances in permanent accounts at the end of the period.
Report Form Listing the balance sheet sections one under the other
Account Form Listing the balance sheet sections in two columns beside each other.
Statement of Cash Flows Summarizes your cash account
Ratio analysis The process of evaluating the relationship between various amounts in the financial statements
Profitability ratios Used to evaluate the earnings performance of the business.
Liquidity How easy it is to convert an asset into cash
Created by: user-1670397
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