Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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

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
Popular Accounting sets




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:
restart all cards