click below
click below
Normal Size Small Size show me how
Accounting:Universal
Term | Definition |
---|---|
Accounting system | Designed to collect, document, and report n financial transactions affecting the business. |
Manual Accounting System | The accounting information is processed by hand. |
Computerized Accounting System | The financial information is recorded by entering it into a computer. |
GAAP | The rules are referred to as generally accepted accounting principals. |
Financial Reports | Summarized information about the financial status of the business. |
Financial Accounting | Focuses on reporting information to external users. |
Management Accounting | Focuses on reporting information to management, is often referred to as accounting reports for internal users of accounting information |
Business entity | Exists independently of its owner's personal holdings. |
Accounting Period | A period of time covered by an accounting repert. |
Going Concern | Business is expected to continue |