Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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

Chapter 2

Key Terms

accounting period period of time covered by an accounting report
accounting system system designed to collect, document, and report on the financial transactions affecting a business
business entity the accounting assumption that a business exists independently of its owner's personal belongings; accounting records and reports are maintained separately
capital money that investors, banks, or business owners supply
charter legal permission from the state to form a corporation
computerized accounting system system wherein financial information is documented electronially
corporation business with legal permission to form via charter; a complex form of business with many owners
entrepeneur person who transforms ideas for products or services into real-world businesses
financial accounting accounting form wherein financial information is reported to external users
free enterprise system system wherein people are free to produce the goods and services they choose
GAAP the "Generally Accepted Accounting Principles," a methodology devised by the Financial Accounting Standards Board (FASB)
going concern the accounting assumption that a business is expected to operate indefinitely
loss state wherein a business spends more than it makes
management accounting accounting form wherein one reports financial information to the management of the business
manual accounting system system wherein accounting information is processed by hand
manufacturing business business that buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses.
merchandising business business that buys finished products and resells them to individuals or other businesses
partnership business owned by 2+ people, called partners, who agree to operate the business a co-owners, via written contract
profit amount of money earned over and above the amount spent to keep the business operating
service business business that provides a needed service for a fee
sole proprietorship a business owned by one person
financial report document summarizing information about the financial status of a business
Created by: talenswan1
Popular Accounting sets




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:
restart all cards