Chapter 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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show | People are free to produce the goods and services they choose.
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show | The amount of money earned over and above the amount spent to keep the business operating
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Loss | show 🗑
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Entrepreneur | show 🗑
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Capital | show 🗑
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Service Business | show 🗑
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Merchandising Business | show 🗑
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show | Buys raw materials, uses labor and machinery to transform them into finished products, and sells them to individuals or other businesses.
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show | A business owned by one person.
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show | A business owned by two or more persons who agree to operate the business as co-owners.
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show | A business recognized by law to have a life of its own.
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show | Gives a corporation certain rights and privileges.
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show | Designed to collect, document, and report on financial transactions affecting the business.
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Manual Accounting System | show 🗑
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Computerized Accounting System | show 🗑
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GAAP | show 🗑
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show | Summarized information about the financial status of a business.
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show | Focuses on reporting information to external users.
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show | Focuses on reporting information to management, is often referred to as accounting for internal users of accounting information.
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show | Exists independently of its owner's personal holdings.
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show | A period of time covered by an accounting report.
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Going Concern | show 🗑
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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.
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.
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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