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

Basic Fin. Statement

QuestionAnswer
Users of financial statements. Owners (stockholders, partners, proprietor), Creditors, SEC, IRS, Publication companies
Stakeholders Employees, devoted customers, etc.
FASB Financial Accounting Standards Board
IASB International Accounting Standards Board
Reporting Requirements Report in accordance with USGAAP, SEC, FASB/IASB, and auditors.
Balance Sheet Equation Assets=Liabilities+Equity
Asset vs. Expense Asset: Used to generate future revenues. Expense: used to generate past incomes.
Liability Financial Obligations that must be paid in the future
Equity Owner's share of assets. Includes stockholders ownership.
Balance Sheet Reports assets, liabilities, and owner's equity at a specific point in time.
Income Statement Equation Revenues-Expenses=Net Income
Income Statement Reports the results of business activities over a period of time.
Revenues Amount collected or to be collected for the sale of products or delivery of services. Reported in the period in which they are earned after the earning has been completed.
Expenses Amounts paid or to be paid in order to generate revenues. . Reported in the same time period as revenue is earned.
Statement of Retained Earnings Equation Beginning Retained Earnings+Income-Dividends=Ending Retained Earnings.
Statement of Retained Earnings Shows the change in net assets over a period of time.
Statement of Cash Flows Equation Operating Cash Flow +/- Financial Cash Flow +/- Investing Cash Flow=Net Change in Cash
Statement of Cash Flows Reports cash flows over a period of time.
Conservatism Taking on less risk and reporting financial information in a conservative way
Entity Concept In order to analyze, we must have a concrete subject.
Materiality Degree of significance or relevance
Created by: 563877211
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