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Chapter 2

QuestionAnswer
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.
Charter The legal permission, granted by state, that gives a cooperation certain rights and privileges and spells out the rules under which the cooperation is to operate.
Computerized Accounting System A type of accounting system in which information is recorded by entering it into a computer.
Corporation A business origination recognized by law to have a life of its own.
Entrepreneur A person who transforms ideas for products and services into real-world businesses.
Financial Accounting The 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 or services they choose.
GAAP (Generally Accepted Accounting Principles) 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.
Management Accounting The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information.
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 resells them to individuals or other businesses.
Partnership A business owned by tow or more persons, called partners, who agree to operate the business as co-owners.
Service Business A business that provides a needed service for a fee.
Sole Proprietorship A business owned by one person.
Created by: jbowers21