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 Concepts

Parson - Accounting Concepts

QuestionAnswer
is to take the safe route. In reporting the financial position of a business, the conservatism principle states that it is best to present amounts that are least likely to result in an overstatement of income or assets. Conservatism
If something is important the information is deemed relative & should be included in financial reports. Materiality
means the information “makes a difference” to a user in reaching a business decision. Relevant
Information must be free from significant error and free from bias... Users of accounting data assume that the data are reliable. Reliable
information can be compared from year to year, and from business to business. The same type of statements, therefore are prepared at the end of each period. Comparable
This concepts is applied when financial statements contain all information necessary to understand a business’s financial condition. Adequate Disclosure (Full Disclosure
Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. Revenue or Matching Principle
Changes in financial information are reported for a specific period of time in the form of financial information. Accounting Period Cycle
The same accounting procedures are followed in the same way in each accounting period. Consistent Reporting
This principle is applied when a source document is prepared for each transaction. Objective Evidence
Revenue is recorded at the time goods or services are sold. Realization of Revenue
Financial statements are prepared with the expectation that a business will remain in operation indefinitely. Going Concern
Financial information is recorded and reported separately from the owner’s personal financial information. Business Entity
Business transaction are stated in numbers that have common values; that is, using a common unit of measurement. Unit of Measurement