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Accounting chapter 1

TermDefinition
management accounting the practice of providing financial and non-financial data to internal managers to help them plan, make decisions, and control business operations
manual accounting system a traditional, paper-based method of recording, organizing, and summarizing business financial transactions by hand without using specialized software
manufacturing business turns raw materials and parts into finished goods using machinery and labor
merchandising business buys finished products from manufacturers or wholesalers and resells them to customers at a higher price for a profit
partnership service business a formal arrangement where two or more people own, manage, and operate a company that provides professional skills, expertise, or intangible work rather than manufactured products
sole proprietorship an unincorporated business owned and run by one person where there is no legal distinction between the owner and the business entity
accounting period An accounting period is a specific time frame—such as a month, quarter, or year—that a business uses to record, organize, and report its financial activities
accounting system a set of tools, documents, and processes that businesses use to track, record, and analyze financial data
financial reports free enterprise system GAAP serve as the vital communication link that allows capital markets to function efficiently without centralized government command
computerized accounting system software that records, processes, and reports financial transactions electronically
corporation entrepreneur the practice of developing new ideas, products, or innovative business models within an established corporation
Created by: nreynolds27
 

 



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