Chapter 7: Financial Statements for Proprietorship

Front

The area of accounting which focuses on reporting information to internal users.

Back

Managerial Accounting

Front

A comparison between two components of financial information.

Back

Financial ratio

Front

The accounting concept applied when the revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.

Back

Matching Expenses with Revenue

Front

The financial statement that reports income/loss along with expenses.

Back

Income statement

Front

Which financial statement reports the financial condition of the business? Options: Income Statement, Balance Sheet, Statement of Owner's Equity, Work sheet

Back

Balance Sheet

Front

The order that you would prepare your financial statements would be . . .
Options: Work Sheet, Balance Sheet, Income Statement, Statement of Owner's Equity, Statement of Owner's Equity, Income Statement, Balance Sheet, Statement of Owner's Equity, Balance Sheet, Income Statement, Work Sheet, Income Statement, Statement of Owner's Equity, Balance Sheet

Back

Income Statement, Statement of Owner's Equity, Balance Sheet

Front

The financial statement that reports the changes in the capital account for a proprietorship for a period of time.

Back

Statement of Owner's Equity

Front

The calculation and interpretation of financial ratios

Back

Ratio Analysis

Front

The accounting concept applied when financial statements contain all information necessary to understand a business's financial condition.

Back

Full Disclosure, Adequate Disclosure

Front

The accounting concept applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely

Back

Going Concern