Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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Accounting Period | The period of time covered by an accounting report
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Accounting System | A system designed to collect, document, and report on business transactions
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Business Entity | The accounting assumption that a business exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business.
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Capital | Money supplied by investors, banks, or owners of a business.
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Charter | Legal permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
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Computerized Accounting System | Type of accounting system in which information is recorded by entering it into a computer.
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Corporation | Business organization recognized by law to have a life of its own
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Entrepreneur | A person who transforms ideas for products or services into real-world business.
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Financial Accounting | Type of accounting that focuses on reporting information to external users
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Financial Reports | Documents that present summarized information about the financial status of a business.
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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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GAAP | Set of rules that all accountants uses to prepare use to prepare financial reports
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Going Concern |
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Loss |
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Management Accounting |
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Manual Accounting System |
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Manufacturing Business |
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Merchandising Business |
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Partnership |
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Profit |
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Service Business |
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Sole Proprietorship |
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