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2.2
Accounting
Term | Definition |
---|---|
Accounting System | Designed to collect, document, and report financial transactions affecting the business |
Manual Accounting System | Accounting process is done by hand |
Computerized Accounting System | Accounting process done by a computer |
GAAP | General Accepted Accounting Principles |
Financial Report | Summarized information about the financial status of a business |
Financial Accounting | Focuses reporting information to external users |
Management Accounting | Focuses on reporting information to management |
Business Entity | Exists independently of its owners personal holdings |
Accounting Period | Period of time covered by accounting report |
Going Concern | Business is expected to continue |