Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Acct Ch1 v9

Accounting Terms Chapter 1 Version 9

QuestionAnswer
The type of business that performs a business activity for a fee. Offers a non-tangible product. Service Business
A business that is owned by one person. Sole Proprietorship
Something of Value Asset
Classification of the Cash Account Asset
Classification of the Prepaid Insurance Account Asset
Classification of an Accounts Receivable account. Asset
Classification of an Accounts Payable account. Liability
Accounting Equation A=L+OE
Amount remaining after the value of all liabilities are subtracted from all assets Owner's Equity
Any business activity that changes assets, liabilities or owner's equity Transaction
The amount in an account Account Balance
The account used to summarize the owner's equity in a business in a sole proprietorship Capital
An increase in the owner's equity resulting from the sale of goods or services. Revenue
Sale on Account increases a revenue account and a ______________ account. Accounts Receivable
When an owner takes out cash or other assets for personal use it affects the _________ account. Drawing
The standards and rules that accountants follow while recording and reporting financial activities. GAAP
The accounting concept that states a business's financial information is recorded and reported separately from the owner's personal financial information. Business Entity
Created by: lpenner
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards