Financial Analysis Review

Front

A _________ is a summary level report used to convey the financial position and performance of an organization within a specific time period.

Back

Financial Statement

Front

The __________ is a financial statement that summarizes the total revenues and expenses of an organization, and the resulting profit or loss over a specific accounting period

Back

Income Statement

Front

What accounts are included in an income statement?

Back

Revenue & Expenses

Front

If revenues are greater than or equal to expenses, the income statement reports a _________.

Back

Net Income

Front

If revenues are less than expenses, the income statement reports a _________.

Back

Net Loss

Front

A(n) __________ is a financial statement that marks a company's financial situation at a moment in time.

Back

Balance Sheet

Front

What is the accounting equation?

Back

Assets = Liabilities + Owners’ Equity

Front

The balance sheet reports financial information __________, in contrast to the income statement which reports financial information ____________.

Back

at a moment in time, over a period of time.

Front

In what order do the accounts appear on the balance sheet? Options: Assets, Owners’ Equity, Revenue, Expenses, Liabilities; Liabilities, Owners’ Equity, Assets; Assets, Liabilities, Owners Equity; Owners’ Equity, Revenue, Expenses, Assets, Liabilities

Back

Assets, Liabilities, Owners Equity

Front

What is the last and most important step of creating a balance sheet?

Back

Confirm the balance sheet balances