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Chapter 2 cont.
Accountign
Question | Answer |
---|---|
Who is financial accounting for? | People outside of the business such as banks. |
Who is managment accounting for? | People inside the business, such as managers. |
Our country operated under what kind of business system | Free enterprise system |
What is a business entity? | When a business is considered seperate from it's owners holdings. |
When a business is assumed to be capable of operating "forever" it is called a what? | going concern |
What does GAAP stand for? | genrally excepted accounting practices. |
What is money supplied by investors called? | capital |