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

Accounting

Chapter 2

TermDefinition
Free Enterprise System A system in which people are free to produce the goods and services they choose.
Profit The amount of revenue earned above the expenses incurred to operate the business.
Loss The result of a company's spending more than it receives in revenue.
Capital Money supplied by investors, banks, or owners of a business. Refers to the dollar value of assets contributed to the business.
Service Business Provides a needed service for a fee.
Merchandising Business A business that buys goods (for example, books or clothing) and then sells those goods for a profit.
Manufacturing Business A business that transforms raw materials into finished products through the use of labor and machinery.
Sole Proprietorship A business owned by one person.
Partnership Business owned by two or more persons, called partners, who agree to operate the business as co-owners.
Corporation Business organization that is recognized by law to have a life of its own.
Charter A legal written permission that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
Accounting System A systematic process of recording and reporting the financial information resulting from business transactions.
Manual Accounting System A system in which accounting information is recorded and processed by hand.
Computerized Accounting System A system in which financial information is recorded by entering it into a computer.
GAAP Generally accepted accounting principles (pronounced "gap").
Financial Reports Summarized information about the financial status of a business.
Financial Accoutning Reporting information to external users (individuals not directly involved in the day-to-day operations of the business).
Management Accounting Reporting information to management, often referred to as accounting for internal users of accounting information.
Business Entity Exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business.
Accounting Period A period of time covered by an accounting report.
Going Concern The assumption that a business entity will continue to operate for an indefinite time.
Created by: erinlarson
Popular Accounting sets
Fundamental Accounting Definitions 1 of 2
Accounting Vocab and Important Information from Chap. 1
medical billing & coding
Accounting Equation
AIS Final
Part 1 Forms FLASH CARDS
Auditing Lecture A1
Accounting Equation, T-Account, Business and Accounting Terms
Accounting Ch.1
VYC1 Principles of Accounting WGU
QB Study Guide for Certification Exam
Financial markets and the investment banking process

 

 



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