Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


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.
We do not share your email address with others. It is only used to allow you to reset your password. For details read 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.
Don't know
Know
remaining cards
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 "Know" box, the DOWN ARROW key to move the card to the "Don't know" 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!

"Know" 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

ACCT 200 assumptions

Identify the accounting assumption, principle or constraint

QuestionAnswer
What is the rationale for why plant assets are not reported at liquidation value The Going Concern Assumption
Indicates that personal and business record-keeping should be separately maintained Economic entity assumption
Ensures that all relevant information is reported Full Disclosure Principle
Assumes that the dollar is the "measuring stick" used to report on financial performance. Monetary unit assumption
Requires that accounting standards be followed for all items of significant size. Materiality
Requires recognition of expenses in the same period as related revenues Expense recognition principle
Indicates that fair value changes subsequent to purchase are not recorded in the accounts Historical Cost Principle
List three different types of business activities Financing, Operating, Investing
Give an example of financing Issuing Common Stock Paying Dividends Borrowing Money (Notes Payable, Bonds Payable, etc.) Repaying Loans
Give an example of Investing Purchasing Equipment Purchasing land Selling investment securities selling a building
Give an example of Operating Revenues: Sales of products or services Receipt of interest income Expenses: Payment of wages payment of selling expenses payment of interest expense
What are the four financial statements? Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows
What is the purpose of an Income Statement and who are the primary users? Represents revenues an expenses for a period of time
What is the purpose of a Statement of Retained Earning's and who are the primary users Shows the amounts and causes of changes in retained earning during the period
What is the purpose of a Balance Sheet and who are the primary users? Reports assets and claims at a specific point in time
What is the purpose of Statement of Cash Flows and who are their primary users? Provides financial information about the cash receipts and cash payments of a business for a specific period of time
What is the accounting equation? Assets= Liabilities + Stockholders' Equity
What does Debit mean? What does credit mean? Debit means "on the left" and is abbreviated Dr. Credit mean "on the right" and is abbreviated Cr.
Created by: Cjaner