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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

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