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
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
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