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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
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