Financial Statements

________________ financial reports of a business that summarize the financial condition and operations of the business.

• Financial Statements

• Trial Balance

• Income Statement

• Balance Sheet

_______________________ length of time for which a business summarizes and reports financial information

• fiscal period

• worksheet period

• financial statement

_______________ columnar form used to summarize the general ledger information needed to prepare financial statements.

• worksheet

• financial statement

• general ledger

• balance sheet

One of the main reasons accounts use worksheets is to

• To plan needed changes to general ledger accounts up to date so that financial statements can be prepared.

• To create a trial balance

• To find out what the companies loss is on accounts

_________________ includes the accounts of assets, liabilities, and owners equity accounts. Reports financial information on a specific date indicating the financial condition of a business.

• Balance Sheet

• Trial Balance

• Income Statement

__________________ summarizes the business's income (revenue) expenses during a specified period of time and is used to figure gross profit.

• Income Statement

• Balance Sheet

• Trial Balance

Net profits after taxes are defined as earnings before interest and taxes (EBIT) minus interest and taxes.

• True

• False

A company's statement of _________________ shows the amount of cash that came in and the amount that was paid out during a given period.

• cash flow

• income statement

• balance sheet

• trial balance

______________ are due within a short period of time, usually within 1 year.

• Current Liabilities

• Long Term Liabilities

• Current Expenses

________________ are the costs incurred from operating the business which can include wages or rent.

• Long term liabilities

• Short term liabilities

• Operating Expenses