Chapter 2 Word Scramble
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Term | Definition |
Accounting Period | The period of time covered by an accounting report |
Accounting System | A system designed to collect, document, and report on business transactions |
Business Entity | The accounting assumption that a business exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business. |
Capital | Money supplied by investors, banks, or owners of a business. |
Charter | Legal permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate. |
Computerized Accounting System | Type of accounting system in which information is recorded by entering it into a computer. |
Corporation | Business organization recognized by law to have a life of its own |
Entrepreneur | A person who transforms ideas for products or services into real-world business. |
Financial Accounting | Type of accounting that focuses on reporting information to external users |
Financial Reports | Documents that present summarized information about the financial status of a business. |
Free Enterprise System | A system in which individuals are free to produce the goods and services they choose |
GAAP | Set of rules that all accountants uses to prepare use to prepare financial reports |
Going Concern | |
Loss | |
Management Accounting | |
Manual Accounting System | |
Manufacturing Business | |
Merchandising Business | |
Partnership | |
Profit | |
Service Business | |
Sole Proprietorship |
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