Vocabulary Chapter 9

What summarizes changes that result from business transactions during an accounting period?

• Financial Statement

• Heading

• Footer

• Income Statement

What is the source of information reported on financial statements?

• Heading

• Statement of Changes

• Worksheet

• Balance Sheet

Which report states net income or loss?

• Statement of Changes

• Income Statement

• Footer

• Stock Market

A piece of the financial statement that answers the who, what and when.

• Statement of Changes to Owners Equity

• Heading

• Financial Review

• Stock Report

An income statement reports revenue and _____________.

• Loss

• Income

• Property

• Expenses

A ________ results when expenses are larger than revenue.

• Financial Gain

• Bankruptcy

• Net Loss

• Net Income

What summarizes changes in the capital account?

• Statement of Changes to Owners Equity

• Capital Gains Report

• Heading

• Worksheet

Which financial report states the condition of the business on a specific date?

• Ledger

• Balance Sheet

• Income Statement

• Worksheet

Quick Ratio

• Measure of the relationship between short-term assets and current liabilities.

• Measure the value of the property in the business

• Financial term for Auditing the business

When you are calculating the Current Ratio which sources of information do you use?

• Owners Equity & Liabilities

• All current Assets divided by Liabilities

• AR & Cash divided by Liabilities

• Property & AP Accounts