F
is an entry-level job that can vary from specializing in one part of the system to do a wide range of tasks.
Accounting Clerk
Is the review of a company’s accounting systems and financial statements to confirm that they follow generally accepted accounting principles.
Audit
Money that banks, investors or business owners supply.
Capital
A business owned by one person.
Sole Proprietorship
Accounting information processed by entering into a computer.
Computerized accounting system
Handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports.
Accountant
Is an accountant who has met certain education and experience requirements and passed a national test.
Certified Public Accountant (CPA)
Is a person who transforms ideas for products or services into real-world businesses.
Entrepreneurs
A business owned by two or more people.
Partnership
Generally accepted accounting principles or set of rules used to prepare financial reports
GAAP
Provide a variety of accounting services including the individual audit.
public accounting firm
A system in which individuals are free to produce the goods and services they choose.
Free Enterprise System
buys finished products and resells them to individuals or other businesses.
merchandising business
Legal permission giving a corporation certain rights and privileges. It also spells out the rules under which the corporation is to operate.
Charter
Accounting information processed by hand.
Manual Accounting system
Operate for purposes other than making a profit.
non profit business
The amount of money earned over and above the amount spent to keep the business operating.
Profit
Provides a needed service for a fee.
Service Business
A business recognized by law to have a life of its own.
Corporation
Which focuses on reporting information to management, is often referred to as accounting for internal users of accounting information.
Management Accounting
Operate to earn money for their owners.
For Profit business
When you make less money than you spend
Loss
Buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses.
Manufacturing Business
Is designed to collect, document and report on financial transactions affecting a business.
accounting system
focuses on reporting information to external users.
financial accounting