Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting

Chapter 2

TermDefinition
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