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Accounting

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Term
Definition
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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