Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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

Accounts concept

difination part 1

Business Entity Concept This states that the financial affairs of a business should be completely seperate from those of the owner.
Going concern Concept This assums that a business will carry on trading for the foreseeable future. In order words, it is not expected to close down to be sold.
Money Measurement Concept This states that financial records, including the value of transactions, assets, liabilities and capital, should be expressed in monetary terms.
Objectivity Concept As far as possible, accounts should be based on verifiable evidence rather than kon personal opinion. Inorder words, they should be OBJECTIVE rather than SUBJECTIVE.
Historical Cost Concept This stated that accounting should be based on the orginal costs incurred in a transation. This historical cost of an asset can be verified by documentatary evidence such as an invoice. This should allow the valuation to be objective.
Realisation Concept This states that revenue should not be reconised until the exchange of goods or services has taken place.
Merteriallity Concept Accountants should not spend time trying to record accurately any items that trival or immeterial.
Prudence Concept Accountants should be catious when reporting the financial position of a business. They should understate profits or the value of assets than to overstate them.
Periodic Concept Assumes that the economic of a business can be divided into different periods.
Full Disclosures Principle All pertient and relevant information should be disclosed in the financial statements.
Accruals Concepts The ACCRUALS concept states that revenue should be recognised when it is earned and not when the money is received.
Matching Concepts The MATCHING concept states that, in calculating profits, revenue should be matching against the expendiure incurred in earning it.
Created by: 100000954280055
Popular Accounting sets




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:
restart all cards