Accouting
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| show | true
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| show | false
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| A balance sheet reports financial information on a specific date and includes the assets, liabilities, and owner's equity. (p. 199) | show 🗑
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| show | true
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| The Full Disclosure accounting concept is applied when a company always prepares financial statements at the end of each monthly fiscal period. (p. 190) | show 🗑
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| Internal users of accounting information include company managers, officers, and creditors. (p. 190) | show 🗑
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| show | false
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| The Matching Expenses with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period. (p. 192) | show 🗑
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| Information needed to prepare an income statement comes from the Account Title column and the Income Statement columns of a work sheet. (p. 192) | show 🗑
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| The income statement for a service business has five sections: heading, Revenue, Expenses, Net Income or Net Loss, and Capital. (p. 192) | show 🗑
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| show | false
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| Double lines ruled across both amount columns of an income statement indicate that the amount has been verified. (p. 194) | show 🗑
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| A financial ratio is a comparison between two components of financial information. (p. 195) | show 🗑
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| show | false
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| When a business has two different sources of revenue, both revenue accounts are listed on the income statement. (p. 197) | show 🗑
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| An amount written in parentheses on a financial statement indicates a negative amount. (p. 197) | show 🗑
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| show | true
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| The owner's capital amount reported on a balance sheet is calculated as: capital account balance plus drawing account balance less net income. (p. 202) | show 🗑
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| show | true
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| show | false
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| The date on a monthly balance sheet prepared on July 31 is written as | show 🗑
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| Information needed to prepare a balance sheet's Assets section is obtained from a work sheet's Account Title column and | show 🗑
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| Information needed to prepare a balance sheet's Liabilities section is obtained from a work sheet's Account Title column and | show 🗑
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| The amount of capital reported on a balance sheet is calculated as | show 🗑
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| If a business wanted to show how the current capital balance was calculated, it would | show 🗑
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| A negative balance that remains after total expenses are subtracted from total income. | show 🗑
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| show | return on sales
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| show | vertical analysis
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| show | stake holders
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| The area of accounting that focuses on reporting information to internal users. | show 🗑
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| show | surplus
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| A comparison between two components of financial information. | show 🗑
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| show | budget
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| show | pay yourself first
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| The area of accounting that focuses on reporting information to external users | show 🗑
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| The calculation and interpretation of a financial ratio. | show 🗑
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