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 collect an document and report on business transactions |
business entity chapter | the accounting assumption that a business exists independently of its owners personal holdings the accounting records and reports are maintained separately and contain financial information related only to the business |
computerized accounting system | a type of accounting system in which information is recorded by entering into a computer |
corporation | a business organization recognized by law to have a life of its life |
entrepreneur | a person who transforms ideas for products or services or services into real world business |
financial accounting | the type of accounting that focus on reporting information to external users |
financial reports | documents that present summarized information about the finical status of a business |
free enterprise system | a system in which individuals are free produce the goods and services they choose |
GAAP | the set of rules that all accountants use to prepare financial reports |
going concern | the accounting assumption that a business is expected to operate indefinitely |
manual accounting system | a type of accounting system in which information is processed by hand |
manufacturing business | a business that buys raw materials and transforms them into finished products by using labor and machinery |
merchandising business | a business that buys finished goods and results and resells them to individuals or other business |
partnership | |
service business | |
sole proprietorship | |
management accounting |
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