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

ACTG 121 - CH1

QuestionAnswer
"The Accounting Equation is: A. Assets + Liabilities = Owner’s Equity. B. Assets = Liabilities – Owner’s Equity. C. Assets = Liabilities + Owner’s Equity. D. Assets = Liabilities x Owner’s Equity. " C. Assets = Liabilities + Owner’s Equity.
Which item is not an asset? A. Cash B. Accounts Payable C. Accounts Receivable D. Supplies
Total liabilities decreased by $75,000 & total owner’s equity increased by $90,000 during the same accounting time period what is the net effect on total assets during this period? $15,000 increase $15,000 decrease $90,000 increase $90,000 decrease
Recording accounting goods and services at actual cost is mandated by the: A. Stable Monetary Unit Assumption. B. Continuity (Going Concern) Assumption. C. Entity Assumption. D. Historical Cost Principle.
Which financial statement formula is the same as the accounting equation? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet D. Statement of Cash Flow
The Stable Monetary Unit Assumption allows one to: A. ignore the effects of inflation. B. assume that the dollar’s purchasing power does not fluctuate. C. do both A and B. D. do none of the above.
Which financial statement reports on the revenues and expenses during a specified period of time? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet D. Statement of Cash Flows