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

# Argyll Accounting Ch

### Argyll Accounting Ch. 7

TermDefinition
Revenue Listed first on an Inc. Statement after the heading
Sales Main Revenue account
Revenue minus Expenses How to determine Net Income
Matching Expenses with Revenue Concept that states revenue earned and expenses incurred must be reported in that fiscal period
Net Income or Loss Last line of the Income Statement
Adequate Disclosure Concept when all financial information is reported in financial statements
Going Concern The accounting concept indicating that a business with operate indefinitely.
Left Expenses are listed in this column of the Inc. Statement
Component Percentage The percentage relationship between one financial statement item and a total
Expenses and Net Income/Loss The amounts on an income statement used to obtain component percentages
Rule Double lines The last act on and income statement
Parentheses This goes around a net loss
Name of financial statement Second line of a financial statement heading
Income statement columns of the worksheet Where do you obtain the amount to complete an income statement
Assets Listed on the left side of a balance sheet
Liabilities and Owners Equity Listed on the right side of a balance sheet
Equal The left and right side of a balance sheet should do this
Balance sheet columns of the worksheet and the net income/loss Where do you obtain the amounts used to complete a balance sheet
Capital minus Drawing plus Net Income How to determine the owner's capital for the balance sheet
For Month Ended This is prior to the date on an Income Statement
Ruled single line This is drawn prior to calculating
Equal and on the same line The totals on a balance sheet should be this
Centered The headings on a balance sheet should be this
Divide Net Income by Sales This is how you determine the component percentage of Net Income on an Income Statement
Below 55% An acceptable expense component percentage
Above 45% An acceptable net income component percentage
Stakeholders Any person or group who will be affected by an action
Liabilities and Owners Equity The two types of equities
Revenue, Expenses and Net Income The three main sections in order of an income statement
Right The totals of each main section of an income statement are list in this column
Created by: rholloway

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