| A | B |
|---|
| Matching Expenses with Revenue | The _____ accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period. |
| Income Statement | Information needed to prepare an income statement comes from the _____ columns of the Worksheet. |
| four | The income statement for a service business has ___sections. |
| net income, net loss | An income statement reports information over a period of time, indicating the financial progress of a business in earning a ______ or _______. |
| worksheet | The net income on an income statment is verified by checking the ______. |
| Single | __________lines are ruled across an amount column of an income statement indicate that amounts are to be added. |
| total sales | Total Expense Component percentages on an income statement are calculated by dividing total expenses by ________. |
| negative amount | An amount written in parentheses on a financial statement indicates a ______. |
| accounting equation | A balance sheet reports information about the elements of the ______. |
| less, plus | The owner's capital amount reported on a balance sheet is calculated as: capital account balance (plus, less) ___ drawing account balance, (plus, less)___net income. |
| equities | The position of the total asset line on the balance sheet is determined after the ____ section is prepared. |
| Double lines | _____are ruled across the balance sheet columns to show that the column totals have been verfied as correct. |
| c | Date of the income statement. (Use the Income Statement Sheet) |
| m | The amount of net income or net loss. (Use the Income Statement Sheet) |
| a | Business name. (Use the Income Statement Sheet) |
| Adequate Disclosure | The ________ accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition. |
| component percentage | The percentage relationship between one financial statement item and the total that includes that item is called a_________. |
| Stakeholders | ______ are any persons or groups who will be affected by an action. |
| i | Expense account balances. (Use the Income Statement Sheet) |
| h | Expense account titles. (Use the Income Statement Sheet) |
| g | Heading of expenses section. (Use the Income Statement Sheet) |
| d | Heading of revenue section. (Use the Income Statement Sheet) |
| p | Net income or net loss component percentage. (Use the Income Statement Sheet) |
| e | Revenue account title. (Use the Income Statement Sheet) |
| n | Sales component percentage. (Use the Income Statement Sheet) |
| b | Statement name. (Use the Income Statement Sheet) |
| f | Total amount of revenue. (Use the Income Statement Sheet) |
| o | Total expenses component percentage. (Use the Income Statement Sheet) |
| l | Words Net Income or Net Loss. (Use the Income Statement Sheet) |
| j | Words Total Expenses. (Use the Income Statement Sheet) |
| For Month Ended July 31, -- | The date on a monthly income statement prepared on July 31, 2009 is written as _______ |
| July 31, 2009 | The date on a Balance Sheet prepared on July 31, 2009 is written as______. |
