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

Ch 6 accounting

Vocabulary

QuestionAnswer
Average-Cost Method Inventory costing method based on the average cost of inventory during the period. Average cost is determined by dividing the cost of goods available for sale by the number of units available.
Conservatism Reporting the least favorable figures in the financial statements.
Consistency Principle A business should use the same accounting methods and procedures from period to period.
Disclosure Principle A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company.
FIFO Inventory costing method: the first costs into inventory are the first costs out to cost of goods sold. Ending inventory is based on the costs of the most recent purchases.
Gross Profit Method A way to estimate inventory on the basis of the cost-of-goods-sold model.
LIFO Inventory costing method: the last costs into inventory are the first costs out to cost of goods sold. Leaves the oldest costs- those of beginning inventory and the earliest purchases of the period in ending inventory
Lower-of-Cost-or-Market Rule Rule that an asset should be reported in the financial statements at whichever is lower.
Materiality Concept A company must perform strictly proper accounting only for items that are significant to the business's financial statements.
Specific Indentification Method Same thing as Specific-Unit-Cost-Method
Specific-Unit-Cost Method Inventory cost method based on the specific cost of particular units of inventory.
Created by: mattschultice