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Accounting Chapter 2

TermDefinition
Accounting Period a period of time covered by and accounting report
Accounting System designed to collect, document, and report on financial transaction affecting the business
Business Entity exists independently of its owner's personal holdings
Capital Money that investors, banks, and or business owners supply
Charter gives a corporation certain rights and privileges
Computerized Accounting System the financial information is recorded by entering it into a computer
Corporation is a business recognized by law to have a life of its own
Entrepreneur is a person who transforms ideas for products or services into real-world businesses.
Financial Accounting focuses on reporting information to external users
Financial Reports summarized information about the financial status of a business
Free Enterprise System People are free to produce goods and services as they choose.
GAAP (Generally Accepted Accounting Principals) The Financial Accounting Standards Board(FASB) issue these rules, All accountants follow the same set of rules to prepare financial reports
Going Concerns a business that is assumed will meet its financial obligations when they become due
Loss Business that spent more money than they earn to operate
Management Accounting focuses on reporting information to management, is often referred to as accounting for internal users
Manual Accounting System the accounting information is processed by hand
Manufacturing Business buys raw material, uses labor or machinery to transform them into finished products, and sells the finished products to individuals or other businesses.
Merchandising Business buys finished products and resells them to individuals or other businesses.
Partnership a business owned by two or more person, called partners, who agree to operate the business as co-owners
Profit The amount of money earned over and above the amount spent to keep the business operating
Service Business Provides a needed service for a fee.
Sole Proprietorship a business owned by one person
Created by: zwestbrook27
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