Chapter 2 cont.
|Who is financial accounting for? ||People outside of the business such as banks.|
|Who is managment accounting for? ||People inside the business, such as managers.|
|Our country operated under what kind of business system ||Free enterprise system|
|What is a business entity? ||When a business is considered seperate from it's owners holdings.|
|When a business is assumed to be capable of operating "forever" it is called a what? ||going concern|
|What does GAAP stand for? ||genrally excepted accounting practices.|
|What is money supplied by investors called? ||capital|