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Chapter 2

Free Enterprise System People are free to produce the goods and services they choose.
Profit The amount of money earned over and above the amount spent to keep the business operating
Loss Businesses that spend more money than they earn.
Entrepreneur A person who transforms ideas for products or services into real-world businesses.
Capital Money that investors, banks, or business owners supply.
Service Business Provides a need service for a fee.
Merchandising Business Buys finished products and resells them to individuals or other businesses.
Manufacturing Business Buys raw materials, uses labor and machinery to transform them into finished products, and sells them to individuals or other businesses.
Sole Proprietorship A business owned by one person.
Partnership A business owned by two or more persons who agree to operate the business as co-owners.
Corporation A business recognized by law to have a life of its own.
Charter Gives a corporation certain rights and privileges.
Accounting System Designed to collect, document, and report on 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 Generally Accepted Accounting Principles.
Financial Reports Summarized information about the financial status of a business.
Financial Accounting Focuses on reporting information to external users.
Management Accounting Focuses on reporting information to management, is often referred to as accounting 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 report.
Going Concern A business that is expected to continue and grow.
Created by: 535816