Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Accounting C6

Century 21 Chapter 6

TermDefinition
1. Accounting Period Cycle concept Changes in financial information are reported for a specific period of time in the form of financial statements
2. adjustments changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
3. balance sheet a financial statement that reports assets, liabilities, and owner’s equity on a specific date
4. Certified Public Accountant An accountant who has passed the uniform certified public accounting exam and met the licensing requirement for a state
5. Consistent Reporting concept Same accounting procedures are followed in the same way in each accounting period.
6. fiscal period the length of time for which a business summarizes and reports financial information
7. Fiscal year An accounting period of one year
8. income statement a financial statement showing the revenue and expenses for a fiscal period
9. Matching Expenses with Revenue Concept The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period
10. net income the difference between total revenue and total expenses when total revenue is greater
11. net loss the difference between total revenue and total expenses when total expenses are greater
12. Slide Error numbers or decimal point were moved right or left (i.e., 12.00 recorded as 120.00 or 350.00 as 35.00)
13. Transposition error two numbers have been reversed (i.e., 53 instead of 35).
14. trial balance a proof of the equality of debits and credits in a general ledger
15. work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Created by: Nabila105
Popular Accounting sets

 

 



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:

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