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

Share With

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)