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World of Business

Parson - Chp 2 Exploring the World of Buisness

QuestionAnswer
Free Enterprise System A country where people are free to produce the goods and services they chose.
Profit A buisness that earns more money than they spend.
Loss A business that spends more money than they earn.
Entrepreneurs transform ideas for products or services into real-world business.
Capital Money supplied by investors, banks, or owners, of a business.
Service business A company that provides a service for a fee.
Merchandising business a company that buys finished products and resells them to individuals or other businesses
Manufacturing business a company that buys raw materials, such as wood or iron ore, and transforms them into finished products through the use of labor and capital.
Sole Proprietorship a business owned by one person
Partnership a business owned by two or more persons.
Corporation a business organization that is recognized by law to have a life of its own.
Charter Legal permission given to a corporation that gives it certan rights and privileges. It spells out the rules under which the corporation is to operate.
Accounting System A system designed to collect, document, and report on financial transactions affecting the business.
Manual Accounting System Accounting information which is processed by hand.
Computerized Accounting System the financial information is recorded by entering it into a computer.
Genneral Accepted Accounting Principles Accounting principles used by all accountants
Financial Reports Summarized information about the financial status of a business
Financial Accounting Reporting information to external users
Management Accounting Reporting information to internal users.
Business Entity Accounting assumption that says that a company exists independently of its owners personal holdings.
Accounting Period a period of time covered by an accounting report.
Going Concern An assumption that the business will continue to operate unless it is clear that it cannot survive.