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 Chp. 2

Accounting Chapter 2 vocab.

TermDefinition
Accounting Period Is the assumption that the life of the businesses divided into specific periods of time that are covered by accounting repots.
Business Entity Is the assumption that for a accounting purpose, a business exist separately from the personal holding of its owner.
Capital Money that investors, banks, or business owners supply.
Charter Legal permissions for a business to operate
Computerized Accounting System The financial information entered into a computer.
Corporation Business recognized by law to have a life of its own.
Entrepreneur Taking ideas for product and turning them into actual business.
Financial Accounting Provides information to external users, people outside the business.
Financial Reports Are summarized information about the financial status of the business.
Free Enterprise System People are free to produce the goods and services they choose.
GAAP Generally Accepted Accounting Principles.
Going Concern Is that assumption that a business has the ability to survive and operate indefinitely unless evidence supports the fact it cannot.
Loss The money a business spends over what they earned
Management Accounting Provides information to internal users, people inside the business.
Manual Accounting System The accounting information is processed by hand.
Manufacturing Business Use labor and machinery to transform raw materials into furnished products. examples Building a house.
Merchandising Business Buys products and resells them. example Wal-Mart.
Partnership Owned by two or more persons.
Profit Money left after owner pays all operating cost.
Service Business Provide needed services, such as medical, legal, hair styling, and lawn mowing, for a fee
Sole Proprietorship Owned by one person.
Created by: Jdegolier16