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Accounting 04/08
| Term | Definition |
|---|---|
| Balance Sheet | Reports financial information on a specific date and includes the assets, liabilities, and owner's equity |
| Managerial Accounting | The area of accounting that focuses on reporting information to internal users |
| ROS (Return on sales) | the ratio of net income to total sales |
| Ratio analysis | The calculation and interpretation of a financial ratio |
| Vertical analysis | Reporting an amount on a financial statement as a percentage of another item on the same financial statement |
| Accounting Period Cycle | A prepared financial statement at the end of each monthly fiscal period |
| Adequate Disclosure | This accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition |
| Net Income Ratio Formula | Net income divided by sales |
| Financial Ratio | A comparison between two componenets of financial information |
| Balance Sheet | Reports financial information on a specific date |
| Monthly income statement date | For month ended Month, day, 20-- |
| Income statement | Reports information on a specific date indicating the financial progress of a business in earning a net income or net loss |
| Balance Sheet Debit Column | Contains information needed to prepare a balance sheet asset section |
Created by:
hal12398
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