Accounting Chapter 7

net income divided by total sales

The formula for calculating the net income ratio is

Adeqquate Disclosure

Assuring that financial statements contain all information necessary to understand a business's financial condition is an application of the accounting concept

it is the same as the net income shown on the work sheet.

The amount of net income calculated on an income statement is correct if?

managerial accounting

The area of accounting that focuses on reporting information to internal users is called

March 23, 20--

The data on a balance sheet is stated as

For Month ended, April 30, 20--

The date on a monthly income statement prepared on April 30 is written as?

progress over a specific period of time

An income statement reports a business's financial

Balance Sheet Debit column

Information needed to prepare a balance sheet's Assets section is obtained from a work sheet's Account Title column and

Income Statement Debit column

Information needed to prepare an income statement's Expense section is obtained from a worksheet's Account Title column and

Accounting Period Cycle

Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept

net income of total sales

Return on sales (ROS) equation is

none of these

When preparing a balance sheet, the amount of owner's capital is calculated using amounts obtained from.