Accounting Chp. 2 Word Scramble
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| Term | Definition |
| Accounting Period | Is the assumption that the life of the businesses divided into specific periods of time that are covered by accounting repots. |
| Business Entity | Is the assumption that for a accounting purpose, a business exist separately from the personal holding of its owner. |
| Capital | Money that investors, banks, or business owners supply. |
| Charter | Legal permissions for a business to operate |
| Computerized Accounting System | The financial information entered into a computer. |
| Corporation | Business recognized by law to have a life of its own. |
| Entrepreneur | Taking ideas for product and turning them into actual business. |
| Financial Accounting | Provides information to external users, people outside the business. |
| Financial Reports | Are summarized information about the financial status of the business. |
| Free Enterprise System | People are free to produce the goods and services they choose. |
| GAAP | Generally Accepted Accounting Principles. |
| Going Concern | Is that assumption that a business has the ability to survive and operate indefinitely unless evidence supports the fact it cannot. |
| Loss | The money a business spends over what they earned |
| Management Accounting | Provides information to internal users, people inside the business. |
| Manual Accounting System | The accounting information is processed by hand. |
| Manufacturing Business | Use labor and machinery to transform raw materials into furnished products. examples Building a house. |
| Merchandising Business | Buys products and resells them. example Wal-Mart. |
| Partnership | Owned by two or more persons. |
| Profit | Money left after owner pays all operating cost. |
| Service Business | Provide needed services, such as medical, legal, hair styling, and lawn mowing, for a fee |
| Sole Proprietorship | Owned by one person. |
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Jdegolier16
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