The period of time covered by an accounting report.
A system designed to collect, document, and report on business transactions.
The accounting assumption that a business exists independently of its owner's personal holdings.
Money supplied by investors, banks, or owners of a business.
The 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.
A business organization recognized by law to have a life of its own.
A person who transforms ideas for products or services into real-world business.
the type of accounting that focuses on reporting information to external users.
Documents that present summarized information about the financial status of a business.
free enterprise system
A system in which individuals are free to produce the goods and services they choose.
The rules followed by accountants to prepare financial reports. Generally accepted accounting principles.
The accounting assumption that a business is expected to operate indefinitely.
The result when a business spends more money than it earns.
The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information.
manual accounting system
A type of accounting system in which information is processed by hand.
A business that buys raw materials and transforms them into finished products by using labor and machinery.
A business owned by two or more persons, called partners, who agree to operate the business as co-owners.
The amount earned above the amount of expense incurred to keep the business operating.
A business that provides a needed service for a fee.
A business owned by one person.