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Chapter 2

Accounting

TermDefinition
Accounting Period The period of time covered by an accounting report
Accounting System A system designed to collect, document, and report on business transactions
Business Entity The accounting assumption that a business exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business.
Capital Money supplied by investors, banks, or owners of a business.
Charter Legal permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
Computerized Accounting System Type of accounting system in which information is recorded by entering it into a computer.
Corporation Business organization recognized by law to have a life of its own
Entrepreneur A person who transforms ideas for products or services into real-world business.
Financial Accounting Type of accounting that focuses on reporting information to external users
Financial Reports Documents that present summarized information about the financial status of a business.
Free Enterprise System A system in which individuals are free to produce the goods and services they choose
GAAP Set of rules that all accountants uses to prepare use to prepare financial reports
Going Concern
Loss
Management Accounting
Manual Accounting System
Manufacturing Business
Merchandising Business
Partnership
Profit
Service Business
Sole Proprietorship
Created by: 226818