Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

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.
Your email address is only used to allow you to reset your password. See 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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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



Free Enterprise System A system in which individuals are free to produce the goods and services they choose
Profit The amount earned above the amount of expense incurred to keep the business operating
Loss The result when a business spends more money than it earns
Entreprenuer A person who transfers ideas for products or services into real-world business
Capital Money supplied by investors, banks, or owners of a business
Service Business A business that provides a needed service for free
Merchandising Business A business that buys finished goods and resells them to individuals or other businesses
Manufacturing Business A business that buys raw materials and transforms them into finished products by using labor and machinery
Sole Proprietorship A business owned by one person
Partnership A business owned by two or more person, called partners, who agree to operate the business as co-workers
Corporation A business organization recognized by law to have a life of its own
Charter The legal permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is operate
Accounting Sytem A system designed to collect, document, and report on business transactions
Manual Accounting System A type of accounting system in which information is processed by hand
Computerized Accounting System A type of accounting system in which information is recorded by entering it into a computer
GAAP The set rules that all accountants use to prepare financial reports
Financial Reports Documents that present summarized information about the financial status of business
Financial Accounting The type of accounting that focuses on reporting information to external users
Management Accounting The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information
Business Entity The accounting assumption that a business exists independently of its owners personal holdings. The accounting records and reports are maintained separatly and contain financial information related only to the business
Accounting Period The period of time covered by an accounting report
Going Concern The accounting assumption that a business is expected to operate indefinitely
Created by: 308918
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards