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Accounting Chp. 2 Test

Enter the letter for the matching Definition
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1.
Merchandising Business
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2.
Corporation
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3.
Going Concern
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4.
Business Entity
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5.
Financial Reports
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6.
Manual Accounting System
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7.
Service Business
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8.
Management Accounting
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9.
Loss
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10.
GAAP
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11.
Computerized Accounting System
A.
The accounting information is processed by hand.
B.
Business recognized by law to have a life of its own.
C.
Buys products and resells them. example Wal-Mart.
D.
Are summarized information about the financial status of the business.
E.
Provide needed services, such as medical, legal, hair styling, and lawn mowing, for a fee
F.
The financial information entered into a computer.
G.
Is that assumption that a business has the ability to survive and operate indefinitely unless evidence supports the fact it cannot.
H.
Is the assumption that for a accounting purpose, a business exist separately from the personal holding of its owner.
I.
The money a business spends over what they earned
J.
Generally Accepted Accounting Principles.
K.
Provides information to internal users, people inside the business.
Type the Term that corresponds to the displayed Definition.
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12.
Owned by one person.
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13.
Use labor and machinery to transform raw materials into furnished products. examples Building a house.
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14.
People are free to produce the goods and services they choose.
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15.
Owned by two or more persons.
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16.
Legal permissions for a business to operate
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17.
Taking ideas for product and turning them into actual business.
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18.
Provides information to external users, people outside the business.
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19.
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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20.
Money that investors, banks, or business owners supply.
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21.
Money left after owner pays all operating cost.

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Created by: Jdegolier16
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