Accounting - Chapter 7 - Financial Statements

Accounting - Chapter 7 - Financial Statements

Assessment

Flashcard

Other

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

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13 questions

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1.

FLASHCARD QUESTION

Front

The area of accounting that focuses on reporting information to external users

Back

Financial accounting

2.

FLASHCARD QUESTION

Front

The area of accounting that focuses on reporting information to internal users

Back

Managerial accounting

3.

FLASHCARD QUESTION

Front

Which accounting concept says financial statements contain all information necessary to understand a business's financial condition?

Back

Full disclosure

4.

FLASHCARD QUESTION

Front

Which accounting concept says that a business will remain in operation indefinitely?

Back

Going concern

5.

FLASHCARD QUESTION

Front

A comparison between two components of financial information:

Back

Financial ratio

6.

FLASHCARD QUESTION

Front

Reporting an amount on a financial statement as a percentage of another item on the same financial statement is called:

Back

Vertical analysis

7.

FLASHCARD QUESTION

Front

__________ is a common financial ratio used to determine how much profit is being produced per dollar of sales.

Back

Return on sales (ROS)

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