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.Chapter 2.1

Accounting

TermDefinition
Free enterprise system A system in which individuals are free to produce the goods and services they choose. Free enterprise
Profit The amount earned above the amount of expense incurred to keep the business operating
Loss The result when a business spends more money than it earns.
Entreprenuer A person who transforms ideas for products or services int real world businesses
Capital Money supplied by investors, banks, or owners of business Cap
Service Business A business that provides a needed service for a fee
Merchandising Business A business that buys finished goods and resells them to individuals or other businesses
Manufacturing Business A business that buys raw materials and transforms them into finished produces by using labor and machinery
Sole Proprietor A business owned by a single percon
Partnership A business owned by two or more persons, called partners, who agree to operate the business as co-owners
Corporation A business organization recognized by law to have a life of its own owned by more than one person.
Charter Th 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
Accounting System Designed to collect documents and reports on financial transactions affecting the business
Manual accounting system Done by hand manual
Computerized accounting system Recorded by entering information in the computer
GAAP Generally accepted accounting principles
Financial reports Summarized information about the financial status of a business system
Financial Accounting Focuses on finanicial reporting information to external users
Management accounting Focuses on reporting information to management, internal users
Business entity Personally information
Accounting period Period of time covered by an accounting report monthly, weekly, yearly
Going concern Expected to continue
Created by: 237518
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