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Accounting chapter 2 vocabulary
the period of time covered by an accounting report
a system designed to collect, document, and report on bussiness transactions
the accounting assumption that a bussiness exsits independently of it's own personal holdings.
the legal permission, granted by a state, that gives a corporation certain rights and privileges.
computerized accounting system
a type of accounting sysytem in which information is recorded by entering it into a computer.
a business organization recognized by law to have a life of its own
a person who trsnsforms ideas for products or services into real-world businesses
the type of acconting that focuses on reporting information to external users.
documents that present summerized 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 set of rules that all accountants use to prepare finacial reports.
the accounting assumption that a business is expected to operate indeffinatly
the type of accounting that focuses on reporting information to management.
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 thay buys finished goods and resells them to individuals or other businesses.
a business owed by two or more persons
a business that provides a needed service for a fee
a business owned by one person