Accounting Word Scramble
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| Term | Definition |
| Free Enterprise System | People are free to produce the goods and services they choose. |
| Profit | The amount of money earned over and above the amount spent to keep the business operating |
| Loss | Businesses that spend more money than they earn. |
| Entrepreneur | A person who transforms ideas for products or services into real-world businesses. |
| Capital | Money that investors, banks, or business owners supply. |
| Service Business | Provides a need service for a fee. |
| Merchandising Business | Buys finished products and resells them to individuals or other businesses. |
| Manufacturing Business | Buys raw materials, uses labor and machinery to transform them into finished products, and sells them to individuals or other businesses. |
| Sole Proprietorship | A business owned by one person. |
| Partnership | A business owned by two or more persons who agree to operate the business as co-owners. |
| Corporation | A business recognized by law to have a life of its own. |
| Charter | Gives a corporation certain rights and privileges. |
| Accounting System | Designed to collect, document, and report on financial transactions affecting the business. |
| Manual Accounting System | The accounting information is processed by hand. |
| Computerized Accounting System | The financial information is recorded by entering it into a computer. |
| GAAP | Generally Accepted Accounting Principles. |
| Financial Reports | Summarized information about the financial status of a business. |
| Financial Accounting | Focuses on reporting information to external users. |
| Management Accounting | Focuses on reporting information to management, is often referred to as accounting for internal users of accounting information. |
| Business Entity | Exists independently of its owner's personal holdings. |
| Accounting Period | A period of time covered by an accounting report. |
| Going Concern | A business that is expected to continue and grow. |
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