Chapter 7 Financial Statements

The area of accounting which focuses on reporting information to external users.

• Financial Accounting

• Managerial Accounting

• Payroll Accounting

• Accounts Payable Accounting

The area of accounting which focuses on reporting information to internal users.

• Financial Accounting

• Managerial Accounting

• Payroll Accounting

• Accounts Payable Accounting

A comparison between two components of financial information.

• Financial Ratio

• Ratio Analysis

• Money Ratio

• Cash Ratio

Accounting concept applied when the revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.

• Full Disclosure

• Accounting Period Cycle

• Going Concern

• Matching Expenses with Revenue

A financial road map used by individuals and companies as a guide for spending and saving.

• report

• budget

• income statement

• balance sheet

The financial statement that reports your income/loss along with your expenses is?

• balance sheet

• income statement

• form

• worksheet

The financial statement that reports Assets, liabilities and owner's equity?

• Balance Sheet

• Income Statement

• Worksheet

• Income ratio

Select all of the following accounts that appear on the Income Statement

• Advertising Expense

• Insurance Expense

• Supplies Expense

• Net Income/Loss

• Sales

Select all of the following accounts that appear on the Balance Sheet?

• Cash

• Supplies

• Prepaid Insurance

• Accounts Payable

• Capital

Which account has appeared on the worksheet and in questions regarding the Balance Sheet and Income Statement but we have not used the account or learned its purpose.

• Cash

• Capital

• Income Summary

• Accounts Payable