Chapter 9 Accounting Word Scramble
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| Term | Definition |
| balance sheet | a report of the balances in the permanent accounts on a 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; calculated by dividing current assets by current liabilities |
| financial statements | reports prepared to summarize the changes resulting from business transactions that occur during an accounting period |
| income statement | a report of the net income or net loss for a specific period |
| 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 |
| profitability ratio | a ratio used to evaluate the earnings performance of a business during the accounting period |
| 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 |
| ratio analysis | the process of evaluating the relationship between various amounts in the financial statements |
| report form | a balance sheet that lists classifications one under another |
| return on sales | a ratio that examines the portion of each sale dollar that represents profit; calculated by dividing net income by sales |
| statement of cash flows | a financial statement that summarizes the cash receipts and cash payments resulting from business activities during a period |
| 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 |
| working capital | the amount by which current assets exceed current liabilities |
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Janna.Curtis
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