FM2-LONG QUIZ-MIDTERM

Assets are anything that the company _____ that has a value.

______________ amounts due to suppliers for purchases on credit.

The equity of a company is the ownership ____________.

Accounting equation is Assets= ____________ + owner's equity.

The income statement is a summary of _________________ over a period of time.

Revenues or sales represent the amount of goods or services ___________.

Cost of goods sold is the amount of goods or services sold, in terms of ________of the company.

Net income refers to the gross profit less ______________.

The bottom line of the income statement consists of the ______________ for the period.

What are the types of financial statement analysis? Choose 2 answers

• Horizontal & Vertical Analysis

• Racial Analysis

• Track Analysis

• Ratio Analysis