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Accounting

Chapter 2

TermDefinition
Free Enterprise System A system in which people are free to produce the goods and services they choose.
Profit The amount of revenue earned above the expenses incurred to operate the business.
Loss The result of a company's spending more than it receives in revenue.
Capital Money supplied by investors, banks, or owners of a business. Refers to the dollar value of assets contributed to the business.
Service Business Provides a needed service for a fee.
Merchandising Business A business that buys goods (for example, books or clothing) and then sells those goods for a profit.
Manufacturing Business A business that transforms raw materials into finished products through the use of labor and machinery.
Sole Proprietorship A business owned by one person.
Partnership Business owned by two or more persons, called partners, who agree to operate the business as co-owners.
Corporation Business organization that is recognized by law to have a life of its own.
Charter A legal written permission that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
Accounting System A systematic process of recording and reporting the financial information resulting from business transactions.
Manual Accounting System A system in which accounting information is recorded and processed by hand.
Computerized Accounting System A system in which financial information is recorded by entering it into a computer.
GAAP Generally accepted accounting principles (pronounced "gap").
Financial Reports Summarized information about the financial status of a business.
Financial Accoutning Reporting information to external users (individuals not directly involved in the day-to-day operations of the business).
Management Accounting Reporting information to management, often referred to as accounting for internal users of accounting information.
Business Entity Exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business.
Accounting Period A period of time covered by an accounting report.
Going Concern The assumption that a business entity will continue to operate for an indefinite time.
Created by: erinlarson