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Chapter 9

TermDefinition
Balance Sheet A report of the balance in the permanent accounts on a specific date.
Current Assets The assets that are ether 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 Statements A report of the net income or net loss for a specific period; sometimes called a profit-and-loss statement or earnings 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 receivables by current liabilities.
Ratio Analysis The process of evaluating the relationship between various amounts in the financial statements.
Report Form A balance sheet format that lists classifications 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 account as a result of business transactions during the period.
Working Capital The amount by which current assets exceed current liabilities.
Created by: jbowers21
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