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Chapter 2 Accounting

TermDefinition
free enterprise system A system in which individuals are free to produce the goods and services they choose.
profit The amount earned above the amount of expense incurred to keep business operating.
loss The result when a business spends more money than it earns.
entrepreneur A person who transforms ideas for products or service into real-world business.
capital Money supplied by investors, banks, or owners of a business.
service business A business that provides a needed service for a fee.
merchandising business A business that buys finished goods and resells them to individuals or other businesses.
manufacturing business A business that buys raw materials and transforms then into finished products by using labor and machinery.
sole proprietorship A business owned by one person.
partnership A business owned by 2 or more persons called partners, who agree to operate the business as co-owners.
corporation A business organization recognized by law to have a life of its own.
charter The legal permission, granted by a state, that gives corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
accounting system A system designed to collect, document, and report on business transactions.
manual accounting system A type of accounting system in which information is processed by hand.
computerized accounting system A type of accounting system in which information is recorded by entering it into a computer.
GAAP (generally accepted accounting principles) The set out rules that all accountants use to prepare financial reports.
financial reports Documents that present summarized information about the financial status of a business.
financial accounting The type of accounting that focuses on reporting information to external users
management accounting The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information.
business entity The accounting assumption that a business exists independently of its owners personal holdings. The accounting records and reports are maintained separately and contain financial information related only to business.
accounting period The period of time covered by an accounting report.
going concern The accounting assumption that a business is expected to operate indefinitely.
Created by: Janna.Curtis