free enterprise system
An economic system in which individuals depend on supply and demand and the profit margin to determine what to produce, how to produce, how much to produce, and for whom to produce. The quest for improvement financially and materially motivates consumers and producers.
the advantageous quality of being beneficial
someone who organizes a business venture and assumes the risk for it
wealth in the form of money or property owned by a person or business and human resources of economic value
a business that performs an activity for a fee
a business that purchases and sells goods
A business that makes finished goods from raw materials by hand or machinery
A business owned by only one person
a contract between two or more persons who agree to pool talent and money and share profits or losses
a business firm whose articles of incorporation have been approved in some state
a document incorporating an institution and specifying its rights
a planned process for providing financial information that will be useful to management
manual accounting system
A system in which accounting information is recorded and proccessed by hand
computerized accounting system
A system in which finical information is recoreded by entering it into a computer
a collection of rules and procedures and conventions that define accepted accounting practice
Summarized information about the financial status of a business
Accounting information and analyses prepared for people outside the organization.
focuses on reporting information to management.
Exists independently of its owner's personal holdings; The accounting records and reports are maintained separately and contain financial information related only to the business
A period of time covered by an accounting report
A business assumes it will continue to operate for many years. At retirement the owner will sell the business to someone else who will continue its operation. This is an example of the application of this accounting concept.
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