Chapter 2 Accounting
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| free enterprise system | A system in which individuals are free to produce the goods and services they choose.
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| profit | The amount earned above the amount of expense incurred to keep business operating.
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| loss | The result when a business spends more money than it earns.
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| entrepreneur | A person who transforms ideas for products or service into real-world business.
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| capital | Money supplied by investors, banks, or owners of a business.
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| service business | A business that provides a needed service for a fee.
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| merchandising business | A business that buys finished goods and resells them to individuals or other businesses.
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| manufacturing business | A business that buys raw materials and transforms then into finished products by using labor and machinery.
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| sole proprietorship | A business owned by one person.
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| partnership | A business owned by 2 or more persons called partners, who agree to operate the business as co-owners.
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| corporation | A business organization recognized by law to have a life of its own.
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| charter | The legal permission, granted by a state, that gives corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
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| accounting system | A system designed to collect, document, and report on business transactions.
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| manual accounting system | A type of accounting system in which information is processed by hand.
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| computerized accounting system | A type of accounting system in which information is recorded by entering it into a computer.
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| GAAP | (generally accepted accounting principles) The set out rules that all accountants use to prepare financial reports.
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| financial reports | Documents that present summarized information about the financial status of a business.
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| financial accounting | The type of accounting that focuses on reporting information to external users
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| management accounting | The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information.
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| business entity | The accounting assumption that a business exists independently of its owners personal holdings. The accounting records and reports are maintained separately and contain financial information related only to business.
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| accounting period | The period of time covered by an accounting report.
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| going concern | The accounting assumption that a business is expected to operate indefinitely.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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