The changes that have taken place in the Retained Earnings account during the period are reported on the_____.

____ represents the increase in stockholder's equity from net income held by a corporation and not distributed to the stockholders as a return on their investment.

___ is the amount of profit made during the period before expenses are deducted.

The comparison of the same items on financial reports for two or more accounting periods is called ______.

With ____, each dollar amount reported on a financial statement is also reported as a percentage of another base amount.

Costs associated with the management of the business are called ____.

___ are incurred to sell or market the merchandise sold.

___ in financial reporting means that information deemed relevant should be included in the reports.

In accounting, _____ means that the information "makes a difference" to a user in reaching a business decision.

____ relates to the confidence that users have that the financial information is reasonably free from bias and error.

_____ guarantees that financial reports include enough information to be complete.

The amount of sales for the period less any sales discounts, returns, or allowances is _______.

The cash spent or the assets consumed to earn revenue for a business are ______.

____ represents the total investment in the corporation by its stockholders.

The balance sheet reports the balances of all permanent accounts as of a specific date.

The balance of the Capital Stock account should change every period.

The net sales amount of a merchandising business includes the cost of the merchandise and the gross profit make from selling merchandise.

Transportation charges increase the cost of merchandise purchased during the period.

The cost of merchandise sold is obtained by subtracting the beginning inventory from the cost of merchandise available for sale.

The financial statements prepared by a merchandising corporation are the Income Statement, Statement of Retained Earnings, the Balance Sheet, and the statement of cash flows.

Federal Corporate Income Tax Expense is not an operating expense, because it represents cash paid out as a result of the revenue rather than cash spent to earn revenue.

The stockholder's equity section of the balance sheet lists the accounts Capital Stock and Cash in Bank.

A net loss has no direct effect on the Retained Earnings Account.

The balance of retained earnings account will always increase at the end of a period.