Accounting Chapter 2 vocab.
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| Accounting Period | Is the assumption that the life of the businesses divided into specific periods of time that are covered by accounting repots.
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| Business Entity | Is the assumption that for a accounting purpose, a business exist separately from the personal holding of its owner.
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| Capital | Money that investors, banks, or business owners supply.
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| Charter | Legal permissions for a business to operate
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| Computerized Accounting System | The financial information entered into a computer.
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| Corporation | Business recognized by law to have a life of its own.
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| Entrepreneur | Taking ideas for product and turning them into actual business.
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| Financial Accounting | Provides information to external users, people outside the business.
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| Financial Reports | Are summarized information about the financial status of the business.
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| Free Enterprise System | People are free to produce the goods and services they choose.
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| GAAP | Generally Accepted Accounting Principles.
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| Going Concern | Is that assumption that a business has the ability to survive and operate indefinitely unless evidence supports the fact it cannot.
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| Loss | The money a business spends over what they earned
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| Management Accounting | Provides information to internal users, people inside the business.
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| Manual Accounting System | The accounting information is processed by hand.
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| Manufacturing Business | Use labor and machinery to transform raw materials into furnished products. examples Building a house.
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| Merchandising Business | Buys products and resells them. example Wal-Mart.
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| Partnership | Owned by two or more persons.
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| Profit | Money left after owner pays all operating cost.
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| Service Business | Provide needed services, such as medical, legal, hair styling, and lawn mowing, for a fee
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| Sole Proprietorship | Owned by one person.
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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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