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 1-2

Elements and Principles

Entity Principle the business is assumed to be separate from the owner and other businesses, and its records should be kept on this basis.
Going Concern Principle the life of the business is assumed to be continuous, and its records are kept on that basis.
Reporting Period Principle the life of the business must be divided into periods of time to allow reports to be prepared; these accounting reports should reflect the Reporting Period in which a transaction occurs.
Historical Cost Principle the recording of a transaction at its original cost or value, as this value is verifiable by reference to the source document
Conservatism Principle losses should be recorded when probable but gains should only be recorded when certain, so that liabilities and expenses are not understated and assets and revenues are not overstated
Consistency Principle accounting methods should be applied in a consistent manner to ensure that reports are comparable between periods
Monetary unit Principle all items must be recorded and reported in a common unit of measurement; that is, Australian dollars
Relevance accounting reports should include all information that is useful for decision-making
Reliability accounting reports should contain information that is accurate, and free from bias or error
Comparability accounting reports should be able to be compared over time
Understandability accounting reports should be presented in a manner that makes it easy for them to be understood by the user
Created by: callielee