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Homework answers / question archive /   Going Concern when financial statements are prepared with the expectation that a business will remain in operation forever Adequate Discloser when financial statements contain all information necessary to understand a business's financial condition Stakeholders persons or groups who will be affected by an action in a business Income statement heading, revenue, expenses, and net income/loss- indicates financial progress of a business in earning a net income or net loss (get info from worksheets income statement columns Matching expenses revenue earned and expenses incurred that go with that revenue are reported in the same fiscal period

  Going Concern when financial statements are prepared with the expectation that a business will remain in operation forever Adequate Discloser when financial statements contain all information necessary to understand a business's financial condition Stakeholders persons or groups who will be affected by an action in a business Income statement heading, revenue, expenses, and net income/loss- indicates financial progress of a business in earning a net income or net loss (get info from worksheets income statement columns Matching expenses revenue earned and expenses incurred that go with that revenue are reported in the same fiscal period

Management

 

  1. Going Concern
  2. when financial statements are prepared with the expectation that a business will remain in operation forever
  3. Adequate Discloser
  4. when financial statements contain all information necessary to understand a business's financial condition
  5. Stakeholders
  6. persons or groups who will be affected by an action in a business
  7. Income statement
  8. heading, revenue, expenses, and net income/loss- indicates financial progress of a business in earning a net income or net loss (get info from worksheets income statement columns
  9. Matching expenses
  10. revenue earned and expenses incurred that go with that revenue are reported in the same fiscal period.
  11. Component Percentage
  12. percentage relationship between one financial statement item and the total that includes that item.
  13. total expenses component percentage
  14. total expenses divided by total sales
  15. Net income component percentage
  16. net income divided by total sales
  17. Accounting equation
  18. assets=liabilities+capital
  19. Equities
  20. liabilities and owner's equity
  21. Balance sheet
  22. reports financial information on a specific date-indicating the financial condition of a business-get info from worksheets balance sheet columns (except capital)
  23. Balance sheet has 4 sections
  24. heading, asserts, liabilities and owner's equity-assets on left-liability and owners equity or right side
  25. Capital equation
  26. capital acct balance + net income or - net loss- drawing=current capital (this # goes on the balance sheet)

 

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