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

Chapter 1 vocab

QuestionAnswer
Planning, recording, analyzing, and interpreting financial information Accounting
A planned process for providing financial information that will be useful to management Accounting system
Organized summaries of a business's financial activities Accounting records
A business that performs an activity for a fee Service business
A business owned by one person Proprietorship
Anything of value that is owned Asset
Financial rights to the assets of a business Equities
An amount owed by a business Liability
The amount remaining after the value of all liabilities is subtracted from the value of all assets Owner's equity
An equation showing the relationship among assets, liabilities, and owner's equity Accounting equation
A business activity that changes assets, liabilities, or owner's equity Tracnsaction
A record summarizing all the information pertaining to a single item in the accounting equation Account
The name given to an account Account title
The amount in an account Account balance
The account used to summarize the owner's equity in a business Capital
A financial statement that reports assets, liabilities, and owner's equity on a specific date Balance sheet
A business's financial information is recorded and reported separately from the owner's personal financial information Business entity
When business transactions are stated in numbers that have common values; using a common unit of measurement Unit of measurement
When financial statements are prepared with the expectation that a business will remain in operation indefinitely Going concern
Single rule
Double rule
Generally Accepted Accounting Principles- The standards and rules that accountants follow while recording and reporting financial activities GAAP
the Securities and Exchange Commission has the authority to establish GAAP SEC
Financial Accounting Standards Board- the organization who has the authority to set accounting standards by getting input and feedback from many sources FASB
Created by: echavez0195