Accounting - the Period of Time Covered by an Accounting Report

Topics: Business, Corporation, Commerce Pages: 1 (338 words) Published: October 4, 2010
1. Accounting period-The period of time covered by an accounting report. 2. Accounting system- A system designed to collect, document, and report on business transactions. 3. Business entity- The accounting assumption that a business 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. 4. Charter- 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. 5. Computerized accounting system-A type of accounting system in which information is recorded by entering it into a computer. 6. Corporation- A business organization recognized by law to have a life of its own. 7. Entrepreneur- A person who transforms ideas for products or services into real-world businesses. 8. Financial accounting- The type of accounting that focuses on reporting information to external users. 9. Financial reports-Documents that present summarized information about the financial status of a business. 10. Free enterprise system-A system in which individuals are free to produce the goods and services they choose. 11. GAAP-The set of rules that all accountants use to prepare financial reports. 12. Going concern- The accounting assumption that a business is expected to operate indefinitely 13. Management accounting- The type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information. 14. Manual accounting system- A type of accounting system in which information is processed by hand. 15. Manufacturing business- A business that buys raw materials and transforms them into finished products by using labor and machinery. 16. Merchandising business-A business that buys finished goods and resells them to individuals or other businesses. 17....
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