GlenCoAcctng Chpt 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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| Accounting period | One of the GAAP rules that specififies interval of time for which an entity’s reports are prepared.
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| Accounting System | Designed to collect, document and report on financial transactions affecting the business
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| Business entity | One of the GAAP rules that state that accounts for the business must be kept separate from those of the owner(s).
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| Financial accounting | Reports used by individuals outside the business (external users)
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| Free enterprse system | People have the freedom to:Choose the goods and services and to make or sell and to spend their money as they wish
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| Corporation | A business that is recognized by law to have a life of its own (entity)
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| Entrepreneur | are self-starters willing to take the necessary risks to create profitable and useful businesses
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| GAAP | General Accepted Accounting Principles. Principles that provide general laws or rules that are used to guide accounting. Based on 12 fundamental concepts
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| Going Concern | One of the GAAP rules that state that it is assumed that an entity will continue to operate indefinitely.
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| Management accounting | Reports used by individuals inside the business (internal users)
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| Manufacturing business | A business that buys raw material (wood, iron ore) and transforms them into finished or partly finished products
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| Merchandising business | A business that buys finished products and resells them to the general public or other businesses
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| Partnership | A business owned by two or more persons. And is entered in by a written legal agreement
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| Service Business | A business that provides a service for a fee
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| Sole proprietorship | A form of business that has “one”-”owner”. The easiest form to start
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| Types of Business | Service, merchandising, manufacturing
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| Forms of Business | Sole proprietorship, Partnership, Corporation
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| Profit | the amount of money a business earns over and above the amount spent
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| Loss | the spending of more money than a business earns
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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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Created by:
lamaykat
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