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Acc. Chap. 7 Vocab
In the name
Term | Definition |
---|---|
Ratio Analysis | The calculation and interpretation of a financial ratio |
Financial Accounting | Area of accounting which focuses on reporting information to external users |
Pay Yourself First | A budgeting strategy of setting aside at least 10% of after-tax income for saving and investing |
Budget | Financial road map used by individuals and companies as a guide for spending and saving |
Financial Analysis | A comparison between two components of financial informant |
Surplus | Positive balance that remains after total expenses are subtracted from total income |
Managerial Accounting | The area of accounting which focuses on reporting information to internal users |
Stakeholders | Any person or group that will be affected by an action |
Vertical Analysis | Reporting an amount on a financial statement as a percentage of another item on the same financial statement |
Return On Sales (ROS) | Ratio of net income to total sales. |
Deficit | Negative balance that remains after total expenses are subtracted from total income |