Chapter 9 Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| balance sheet | a report of the balances in the permanent accounts on a specific date
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| current assets | the assets that are either used up or converted to cash during the normal operating cycle of the business
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| current liabilities | the debts of the business that must be paid within the next accounting period
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| current ratio | the relationship between current assets and current liabilities; calculated by dividing current assets by current liabilities
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| financial statements | reports prepared to summarize the changes resulting from business transactions that occur during an accounting period
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| income statement | a report of the net income or net loss for a specific period
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| liquidity ratio | the measure of a business's ability to pay its current debts as they become due and to provide for an unexpected need for cash
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| profitability ratio | a ratio used to evaluate the earnings performance of a business during the accounting period
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| quick ratio | a measure of the relationship between short-term assets and current liabilities; calculated by dividing the total cash and receivables by the current liabilities
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| ratio analysis | the process of evaluating the relationship between various amounts in the financial statements
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| report form | a balance sheet that lists classifications one under another
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| return on sales | a ratio that examines the portion of each sale dollar that represents profit; calculated by dividing net income by sales
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| statement of cash flows | a financial statement that summarizes the cash receipts and cash payments resulting from business activities during a period
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| statement on changes in owners equity | a financial statement that summarizes changes in the owner's capital account as a result of business transactions during the period
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| working capital | the amount by which current assets exceed current liabilities
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Janna.Curtis
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