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Lecture 3

ACC 358 Lecture Notes - Lecture 3: Financial Statement, Financial Ratio, Financial AccountingExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
3

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A financial road map used by individuals and companies as a guide for spending and saving.
Comparative financial statements
Financial statements that provide information for multiple fiscal periods.
Vertical analysis
Reporting an amount on a financial statement as a percentage of another item on the same financial
statement.
Surplus
A positive balance that remains after total expenses are subtracted from total income.
Stakeholders
Any persons or groups who will be affected by an action.
Return on sales
The ratio of net income to total sales.
Ratio analysis
The calculation and interpretation of a financial ratio.
Pay yourself first
A budgeting strategy of setting aside at least 10% of after-tax income for saving and investing.
Managerial accounting
The area of accounting which focuses on reporting information to internal users.
Interim financial statements
Financial statements providing information for a time period shorter than the fiscal year.
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