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Ch. 2.2

QuestionAnswer
accounting system designed to collect, document, and report on financial transactions affecting the business.
manual accounting system the accounting info is processed in this.
computerized accounting system the financial info is recorded by entering it into the computer.
GAAP generally accepted accounting principles.
financial reports are summarized info about the financial status of business.
financial accounting focuses on reporting info to external users.
management accounting focuses on reporting info to management, is often referred to as accounting for internal users of accounting info.
business entity exists independently of its owner's personal holdings.
accounting period a period of time covered by an accounting report.
going concern the accounting assumption that a business is expected to operate indefinitely.
Created by: 329117
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