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umm,.. accounting 2

ch 2 vocab

TermDefinition
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 policies and practices that reflect a company’s core values such as honesty, trust, respect, and fairness
chart of accounts A list of all accounts used by a business
computerized A type of accounting system in which information is recorded by entering it into a computer.
entrepreneur A person who transforms ideas for products or 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 and services they choos
GAAP 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 The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information
accounting Activities performed in an accounting period that help the business keep its records in an orderly fashion.
manual accounting A type of accounting system in which information is processed by hand.
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manufacturing business A business that buys raw materials and transforms them into finished products by using labor and machinery
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merchandising business A business that buys finished goods and resells them to individuals or other businesses
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partnership A business owned by two 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
proprietorship A business owned by one person.
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Created by: cstephen2
 

 



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