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Accounting

Chapter 2

TermDefinition
Free Enterprise System People are free to produce the goods and services they choose.
Profit The money earned over and above the money spent
Loss When you spend more money than you earn.
Entrepreneur Someone who transforms ideas for products or services into real-world businesses.
Capital Money that investors, banks, or business owners supply.
Service Business Provides a needed service for a fee.
Merchandising Business Buys finished products and resells them to individuals or other businesses
Manufacturing Business Buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished product to individuals or other businesses.
Sole Proprietorship A business owned by one person.
Partnership A business owned by two person.
Corporation A business recognized by law to have a life of its own
Charter Permission from the state for a corporation to operate.
Accounting System Collects, documents, and reports a business transactions.
Manual Accounting System Accounting done by hand.
Computerized Accounting System Accounting is done by being entered into computer
GAAP Generally accepted accounting principles
Financial Reports Summarized reports about a businesses finances
Financial Accounting Focuses on reporting info to external users
Management Accounting Focuses on reporting info to internal users
Business Entity The accounting assumption that a business exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial info related only to the business.
Accounting Period Period of time covered by an accounting report.
Going Concern The accounting assumption that a business is expected to operate indefinitely.
Created by: Julianayoung1997
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