Save
or

or

taken

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.

focusNode
Didn't know it?
click below

Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
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

# TVS Accounting1-7

### Accounting 1 Chapter 7

When financial statements contain all information necessary to understand a business's financial condition Adequate Disclosure
When financial statements are prepared with the expectation that a business will remain in operation indefinitely Going Concern
The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period Matching Expenses with Revenue
The percentage relationship between one financial statement item and the total that includes that item Component Percentage
A financial statement showing the revenue and expenses for a fiscal period Income Statement
A financial statement that reports assets, liabilities, and owner's equity on a specific date Balance Sheet
The formula for calculating current capital with a Net Income Capital Account Balance + Net Income - Drawing
The formula for calculating current capital with a Net Loss Capital Account Balance - Net Loss - Drawing
The Accounting Equation Assets = Liabilities + Owner's Equity
Created by: TammieVanScyoc

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:

• SPACEBAR - flip the current card
• LEFT ARROW - move card to the Don't know pile
• RIGHT ARROW - move card to Know pile
• BACKSPACE - undo the previous action

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