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Chapter 2

TermDefinition
accounting period the period of time covered by an accounting report
accounting system a system designed collect an document and report on business transactions
business entity chapter the accounting assumption that a business exists independently of its owners personal holdings the accounting records and reports are maintained separately and contain financial information related only to the business
computerized accounting system a type of accounting system in which information is recorded by entering into a computer
corporation a business organization recognized by law to have a life of its life
entrepreneur a person who transforms ideas for products or services or services into real world business
financial accounting the type of accounting that focus on reporting information to external users
financial reports documents that present summarized information about the finical status of a business
free enterprise system a system in which individuals are free produce the goods and services they choose
GAAP the set of rules that all accountants use to prepare financial reports
going concern the accounting assumption that a business is expected to operate indefinitely
manual accounting system a type of accounting system in which information is processed by hand
manufacturing business a business that buys raw materials and transforms them into finished products by using labor and machinery
merchandising business a business that buys finished goods and results and resells them to individuals or other business
partnership
service business
sole proprietorship
management accounting
Created by: jcoghlan19