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F19 Acct 1.02 Vocab

Vocabulary for Accounting 1.02

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 The 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.
Corporation A 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 businesses.
For-Profit business A business that operates to earn a profit for its owners.
Free Enterprise System A system in which individuals are free to produce the goods and services they choose.
Going Concern The accounting assumption that a business is expected to survive and operate indefinitely.
Loss The result when a business spends more money than it earns.
Manufacturing Business A business that buys raw materials, transforms them into finished products by using labor and machinery, and sells the finished products to individuals or other businesses.
Merchandising Business A business that buys finished goods and resells them to individuals or other businesses.
Non-Profit business An organization that operated for purposes other than making a profit.
Partnership A business owned by two or more persons, called partners, who agree to operate the business as co-owners.
Profit The amount of money earned above the amount of expense incurred to keep the business operating.
Service Business A business that provides a needed service for a fee.
Sole Proprietorship A business owned by one person.
Created by: denise.stevens5