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Chapter 2.2

Accounting

TermDefinition
accounting system is a 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) all accountants follow the same set of rules to prepare financial reports
Financial report are summarized information about the financial status of a business
financial accounting focuses on reporting information to external users. They are prepared for individuals not directly involved in the day-to-day operation of the business
management accounting which focuses on reporting information to management, often referred to as accounting for internal users of accounting information. They are prepared for managers involved in making the day-to-day operating decisions like purchasing, hiring, production,
business entity exsist independently of its owner's personal holding
accounting period is a period of time covered by an accounting report. Can cover one month or three months, or one year
going concern accountants assume that a business has the ability to survive and operate indefinitely
Created by: justinjurado