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GlenCoAcctng Chpt 2

QuestionAnswer
Accounting period One of the GAAP rules that specififies interval of time for which an entity’s reports are prepared. 
Accounting System Designed to collect, document and report on financial transactions affecting the business
Business entity One of the GAAP rules that state that accounts for the business must be kept separate from those of the owner(s).
Financial accounting Reports used by individuals outside the business (external users)
Free enterprse system People have the freedom to:Choose the goods and services and to make or sell and to spend their money as they wish
Corporation A business that is recognized by law to have a life of its own (entity)
Entrepreneur are self-starters willing to take the necessary risks to create profitable and useful businesses
GAAP General Accepted Accounting Principles. Principles that provide general laws or rules that are used to guide accounting. Based on 12 fundamental concepts
Going Concern One of the GAAP rules that state that it is assumed that an entity will continue to operate indefinitely. 
Management accounting Reports used by individuals inside the business (internal users)
Manufacturing business A business that buys raw material (wood, iron ore) and transforms them into finished or partly finished products
Merchandising business A business that buys finished products and resells them to the general public or other businesses
Partnership A business owned by two or more persons. And is entered in by a written legal agreement
Service Business A business that provides a service for a fee
Sole proprietorship A form of business that has “one”-”owner”. The easiest form to start
Types of Business Service, merchandising, manufacturing
Forms of Business Sole proprietorship, Partnership, Corporation
Profit the amount of money a business earns over and above the amount spent
Loss the spending of more money than a business earns
Created by: lamaykat