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Chapter 9

Accounting

TermDefinition
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 aid within the next accounting period.
Current Ratio The relationship between current assets and current liabilities; calculated by dividing current assets by current liabilities.
Financial Statement Reports prepared to summarize the changes resulting from business transaction that occurs during an accounting period.
Income Statement A report of the net income or net loss for a specific period; sometimes called a profit-and-loss statement pr earning statement.
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 earning 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 receivable by the current liabilities.
Ratio Analysis The process of evaluating the relationship between various amount in the financial liabilities,
Report Form A balance sheet format that lists classification one under another.
Return on Sales A ratio that examines the portion of each sales 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 of Changes in Owner's Equity A financial statement that summarizes changes in the owner's capital accounts as a result of business transaction during the period.
Working Capital The amount by which current assets exceed current liabilities.
Created by: 226818
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