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ลำดับตอนที่ #14 : [[R.S.]]Accounting Test::Chapter.9::25.1.12
Review Sheet of Accounting for
Chapter 9 Test* 25.Jan.2012
Chapter.9 :: Financial Statements for a Sole Proprietorship [[Page.202]]
9-1 The Income Statement [[Page.204]]
- Financial statements are prepared to summarize the changes resulting from business transactions that occur during an accounting period.
- The primary financial statements prepared for a sole proprietorship are the income statement and the balance sheet. A third statement, the statement of changes in owner’s equity, is also often prepared.
- The income statement reports the net income or net loss for the period. (net income/net loss is the difference between total revenue and total expenses)
· The main purpose of the income statement is to provide a report of the revenue earned and the expenses incurred over a specific period of time.
· It is sometimes called a ‘profit-and-loss statement’ or an ‘earnings statement.’
· It contains:
ð the heading
1. the name of the business (ex. MeMiann Review Sheet Company)
2. the name of the report (ex. Income Statement)
3. the period covered (ex. For the Month Ended August 31, 2012)
ð the revenue for the period
1. write ‘revenue’ on the first line
2. enter revenue account name(s) beginning on the second line, indented a little
3. enter the balance of the revenue account(s).
3.1 If there’s only one revenue account, enter the balance on the second column (without having to write total revenue).
3.2 If there’s more than one revenue accounts, enter the balance on the first column (total revenue is then written on a separate line in the second amount column, indented even moreeeeeee)
ð the expenses for the period
Same as revenue section… just change from revenue to expense J
ð the net income or net loss for the period
~ Net income: total revenue > total expense
~ Net loss: total revenue < total expense
* Look at the examples on pages 206 – 208 for more details na hars ^0^*
9-2 The Statement of Changes in Owner’s Equity [[Page.210]]
- The statement of changes in owner’s equity summarizes changes in the owner’s capital account as a result of business transactions during the period. It is prepared at the end of the period.
· The heading of this is the same as heading for income statement (just change the second line from ‘income statement’ to ‘statement of changes in owner’s equity’)
· The information to prepare this statement is found in: the work sheet, the income statement, and the owner’s capital account in the general ledger.
* Look at the examples and formats in the book on pages 211 – 213 (: *
9-3 The Balance Sheet [[Page.216]]
- The balance sheet is a report of the balances in all asset, liability, and owner’s equity accounts at the end of the period. These accounts are called permanent accounts.
· The main purpose of the balance sheet is to provide a record of the assets of the business and a summary of the claims (of both creditors and owners) against those assets on a specific date
· The heading includes:
1. the name of the business (ex. MeMiann Review Sheet Company)
2. the name of the financial statement (ex. Balance sheet)
3. the date of the balance sheet (ex. August 31, 2012)
· Unlike the income statement, which covers the entire period, the balance sheet covers only one day in the period, the last day.
- Balance sheet is prepared in report form. In report form, the balance sheet accounts are shown one under the other.
* Look at example on page 219 *
- To prove the equality of the balance sheet, compare ‘Total Liabilities and Owner’s Equity’ to ‘Total Assets.’ They must be equal.
- Ratio analysis involves the comparison of two amounts on a financial statement and the evaluation of the relationship between these amounts.
· It’s used to determine the financial strength, activity, or debt-paying ability of a business.
- Profitability ratios are used to evaluate the earnings performance of the business during the accounting period.
· It’s used to measure the company’s ability to grow and continue to earn revenue.
· One commonly used profitability ration is return on sales.
ð Sales is a revenue account representing the sale of merchandise. Business owners use the return on sales ratio to examine the portion of each sales dollar that represents profit.
$_______ net income divided by $______ sales = return on sales
- A liquidity ratio is a measure of the ability of a business to pay its current debts as they become due and to provide for unexpected needs of cash.
· Two common ratios used to determine liquidity:
ð The current ratio is the relationship between current assets and current liabilities.
~ Current assets are those used up for converted to cash during the normal operating cycle of the business.
~ Current liabilities are debts of the business that must be paid within the next accounting period.
Current assets divided by Current liabilities = Current ratio
ð A quick ratio is a measure of the relationship between short-term assets and current liabilities.
~ Short-tem liquid assets – those that can be quickly converted to cash – are cash and net receivables.
Cash and Receivables divided by Current Liabilities = Quick Ratio
~ In some instances, the current ratio and the quick ratio can be the same
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