Accounting I - Chapter 7: Financial Statements For A Proprietorship

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6 Terms

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Financial accounting

The area of accounting which focuses on reporting information to external users.

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Financial ratio

A comparison between two components of financial information.

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Managerial accounting

The area of accounting which focuses on reporting information to internal users.

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Ratio analysis

The calculation and interpretation of a financial ratio.

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Return on sales

The ratio of net income to total sales.

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Vertical analysis

Reporting an amount on a financial statement as a percentage of another item on the same financial statement.