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Chapter 2

Key Terms

TermDefinition
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