Ch 2 Review (Acct) Word Scramble
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Question | Answer |
These summarize information about the financial status of a business. | Financial Reports |
The accountant prepares reports as though the business will operate indefinitely follows which accounting assumption? | Going Concern |
The period of time covered by an accounting report; also an accounting assumption. | Accounting Period |
Designed to collect, document, and report on the financial transactions affecting the business. | Accounting System |
Money invested in a business by its owner(s). | Capital |
A legal document that gives a business the right to operate as a corporation. | Charter |
Under this accounting assumption, a business owner must keep the financial records for the business separate from personal records. | Business Entity |
A business is earning what when it makes more money than it spends. | Profit |
Created by:
ktreesh
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