Accounting Ch. 9 :)

This reports the final balances of the permanent accounts at the end of the fiscal period

• Balance Sheet

• Worksheet

• Income Statement

• Changes in Owners Equity

The difference between total revenue and total expenses over a specific period of time

• liabilities

• assets

• Net Income or net loss

• owners equity

Which of these is NOT in the heading

• name of business

• owners name

• date

• name of the report

What is the minimum current ratio is considers favorable by creditors

• 2.1 or lower

• 4.1 or higher

• 2.1 or higher

• 4.1 or lower

Is the definition of quick ratio a measure of the relationship between short-term assets and current liabilities

• True

• False

In this format, the classifications of balance sheet accounts are shown one under the other

• ratio analysis

• worksheet

• balance sheet

• report form

current assets over current liabilities = current ratio

• False

• True

The financial statement that reports the net income or net loss for the fiscal period it covers is the

• worksheet

• balance sheet

• income statement

• financial statements

The _______ ratio is used to examine the portion of each sales dollar that represents profit

• return on sales

• liquidity ratio

• quick ratio

• current ratio

______ occurs when total revenue is greater than total expenses

• asset

• net income

• owners equity

• cash in bank