Welcome to StudyStack, where users create FlashCards and share them with others. Click on the large flashcard to flip it over. Then click the green, red, or yellow box to move the current card to that box. Below the flashcards are blue buttons for other activities that you can try to study the same information.
Test Android StudyStack App
Please help StudyStack get a grant! Vote here.
or...
Reset Password Free Sign Up

Free flashcards for serious fun studying. Create your own or use sets shared by other students and teachers.


incorrect cards (0)
correct cards (0)
remaining cards (0)
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the Correct box, the DOWN ARROW key to move the card to the Incorrect box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

Correct box contains:
Time elapsed:
Retries:
restart all cards


Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Acc. Chp. 1

Accounting Chapter One summary

QuestionAnswer
The purpose of accounting? to provide financial information to assist decision making.
Define: financial data raw facts and figures upon which financial information is based
Define: financial information financial data that has been sorted, classified and summarized into a more usable and understandable form
What do source documents provide? Evidence that a transaction has occurred and the details of the transaction
Describe the accounting process Sources documents -> records -> reports -> provides advice
List the accounting principles (CHERMCG) Conservatism, Historical Cost, Entity, Reporting Period, Monetary Unit, Consistency, Going Concern
List the accounting qualitative characteristics (CURRY) Comparability, Understandablility, Reliability and Relevance
State the elements of financial statements assets, liabilities, owners equity, revenue and expenses
Created by: abbylea on 2011-11-27



bad sites Copyright ©2001-2014  StudyStack LLC   All rights reserved.