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Chapter 15
Financial Statement for a Corporation
11
Accounting
11th Grade
02/05/2012

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Term
net sales
Definition
Total sales less sales discount and sales returns and allowances.
Term
cost of merchandise sold
Definition
The original price of all merchandise sold during a fiscal period.
Term
gross profit on sales
Definition
The revenue remaining after cost of merchandise sold has been deducted.
Term
financial ratio
Definition
A comparison between two items of financial information.
Term
earnings per share
Definition
The amount of net income after federal income tax belonging to a single share of stock.
Term
price-earnings ratio
Definition
The relationship between the market value per share and earnings per share of stock.
Term
statement of stockholders' equity
Definition
A financial statement that shows changes in a corporation's ownership for a fiscal period.
Term
par value
Definition
A value assigned to a share of stock and printed on the stock certificate.
Term
current liabilities
Definition
Liabilities due within a short time, usually within a year.
Term
long-term liabilities
Definition
Liabilities owed for more than a year.
Term
supporting schedule
Definition
A report prepared to give details about an item on a principal financial statement.
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