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2.1 Quiz

Select the Definition that corresponds to the displayed Term.
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1. Management Accounting




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2. Corporation




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3. Manual Accounting System




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4. Sole Proprietorship




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5. Profit




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6. Service Business




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7. Business Entity




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8. Charter




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9. GAAP




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10. Financial Reports




Select the Term that corresponds to the displayed Definition.
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11. The type of accounting that focuses on reporting information to external users




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12. The result when a business spends more money than it earns




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13. A business owned by two or more person, called partners, who agree to operate the business as co-workers




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14. A type of accounting system in which information is recorded by entering it into a computer




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15. A person who transfers ideas for products or services into real-world business




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16. A system designed to collect, document, and report on business transactions




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17. Money supplied by investors, banks, or owners of a business




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18. A system in which individuals are free to produce the goods and services they choose




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19. The period of time covered by an accounting report




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20. The accounting assumption that a business is expected to operate indefinitely





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