A financial statement that shows changes in a corporation's ownership for a fiscal period is the

Journal entries recorded to update general ledger accounts at the end of a fiscal period are

A statement showing gross profit for each department is

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is a

An amount earned by a corporation and not yet distributed to stockholders is called

The percentage relationship between one financial statement item and the total that includes that item is a

The portion of a plant asset's cost that is transferred to an expense account in each fiscal period during a plant asset's useful life is

If merchandise available for sale is $520,000, net sales to date are $342,000, and the gross profit percentage is 50%, the estimated gross profit is $260,000.

The four financial statements prepared by a departmental business are the departmental margin statements, the income statement, the statement of stockholders' equity, and the balance sheet.

On a departmental work sheet, an adjustment is needed for the merchandise inventory account for each department.

The four components of every sales dollar are cost of merchandise sold, gross profit on operations, net income before federal income tax, and net income after federal income tax.

Net income appears on the work sheet as the difference between the Adjustments Debit and Credit columns and the Income Statement Debit and Credit columns.

Depreciation expense is an adjustment on the work sheet due to the matching expenses with revenue accounting concept.

Information from the department statement of gross profit may indicate that a business needs to change selling prices, change suppliers of merchandise, and sell plant assets to raise cash.

The cost of merchandise sold percentage plus the gross profit percentage equals 100%.

The acceptable level of performance for the gross profit percentage of a business is determined to be 45%. The actual performance shown on the interim departmental statement of gross profit is 48%. Therefore, the actual performance is unacceptable.

The amount of dividends declared during the year appears on the statement of stockholder's equity.

The two major sections of a statement of stockholders' equity are capital stock and retained earnings.

The accounting period cycle concepts states that changes in financial information are reported for a specific period of time in the form of financial statements.

Beginning and ending inventory amounts on interim departmental statements of gross profit for a merchandising business using a periodic inventory are determined by estimating the inventory.

The adjustment for uncollectible accounts expense involves a debit to Allowance for Uncollectible Accounts and a credit to Uncollectible Accounts Expense.

When recording closing entries, the difference between the debit to Income Summary-General and the credit to Income Summary-General represents net income or net loss for the fiscal period.

Estimating inventory by using the previous year's percentage of gross profit on operations is known as the

Journal entries used to prepare temporary accounts for a new fiscal period are

A list of customer accounts, account balances, and total amount due from all customers is a

Assets that will be used for a number of years in the operation of a business are called

Total shares of ownership in a corporation are called

A statement prepared at the end of a fiscal period showing the gross profit for each department is a(n)

The series of accounting activities included in recording financial information for a fiscal period is known as the

A financial statement showing the revenue and expenses for a fiscal period is the

A proof of the equality of debits and credits in a general ledger is a

Earnings distributed to stockholders are called

A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand is a(n)