| A | B |
|---|
| On a specific date | The balance sheet reports financial information _____________. |
| The information needed to prepare the income statement comes from this. | Income statement section of the work sheet. |
| These summarize the changes resulting from business transactions that have occurred during an accounting period. | Financial Statements |
| This is a comparison of two items on a financial statement, resulting in a percentage that is used to evaluate the relationship between two items. | Ratio analysis |
| Net income or net loss | This is reported on the income statement |
| The financial statement that reports the final balances on all asset, liability and owner's equity accounts at the end of the accounting period. | Balance sheet |
| In this form, the classifications of balance sheet accounts are shown one under the other. | Report form |
| This is the primary source of information for completing the balance sheet. | Balance sheet section of the work sheet |
| This is completed as a supporting document for the balance sheet. | Statement of changes in owner's equity |
| This reports a business' net income or net loss over an entire accounting period. | Income statement |
| This indicates what percentage of net sales represents profit | Return on sales |
