Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

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.
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
remaining cards
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:
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

Chapter 6

FYI – Consistent Reporting When the same accounting procedures are followed in the same way in each accounting period.
AICPA The American Institute of Certified Public Accountants.
Fiscal period The length of time for which a business summarizes its financial information and reports its financial performance.
FYI – Accounting Period Cycle When changes in financial info are reported for a specific period of time in the form of financial statements.
Fiscal year A fiscal period consisting of twelve consecutive months.
Work sheet A columnar accounting form used to summarize the general ledger info needed to prepare financial statements.
FYI – 4 reasons for work sheet 1.summarize general ledger ac/t balances 2 prove tht dbts=crdts2.plan needed chnges 2 general ledger ac/ts 2 bring ac/t balances up2 date3.separate general ledger ac/t balances according 2the statements 2b prepared 4calculate amount of net income or loss
FYI – Journals & Ledgers consider this
FYI – Work sheet consider this
Trail balance
Prepaid Expense
FYI – Matching Expenses with Revenue
Accrual basis of Accounting
Cash basis of Accounting
FYI – Materiality
Balance Sheet
Income Statement
Net Income
Net Loss
FYI – 4 checking calculation errors
Adjusting Entries
FYI – Recording Adjusting Entries
Created by: andrew.v