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Chapter 2.2
Accounting
| Term | Definition |
|---|---|
| accounting system | is a 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) all accountants follow the same set of rules to prepare financial reports |
| Financial report | are summarized information about the financial status of a business |
| financial accounting | focuses on reporting information to external users. They are prepared for individuals not directly involved in the day-to-day operation of the business |
| management accounting | which focuses on reporting information to management, often referred to as accounting for internal users of accounting information. They are prepared for managers involved in making the day-to-day operating decisions like purchasing, hiring, production, |
| business entity | exsist independently of its owner's personal holding |
| accounting period | is a period of time covered by an accounting report. Can cover one month or three months, or one year |
| going concern | accountants assume that a business has the ability to survive and operate indefinitely |
Created by:
justinjurado
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