A system in which individuals are free to produce the goods and services they choose.
What is free enterprise system?
100
Money supplied by investors, banks, or owners of a business.
What is capital?
100
A system designed to collect, document, and report on business transactions.
What is an Accounting System?
100
Documents that present summarized information about the financial status of a business.
What is financial reports?
100
Accounting is often called "the ___________ of business".
What is language?
200
The amount earned above the amount of expense incurred to keep the business operating.
What is Profit?
200
A business owned by one person.
What is sole proprietorship?
200
A type of accounting system in which information is processed by hand.
What is a Manual Accounting System?
200
The type of accounting that focuses on reporting information management; often referred to as accounting for internal users of accounting information.
What is managerial accounting?
200
Checks, Invoices, Sales Slips & Receipts are all examples of ________ in an Accounting System.
What are inputs?
300
The result when a business spends more money than it earns.
What is a loss?
300
A business that provides a needed service for a fee.
What is a service business?
300
The period of time covered by an accounting report.
What is an accounting period?
300
The accounting assumption that a business is expected to survive and operate indefinitely.
What is a going concern?
300
Paperwork is most complex in this form of business.
What is Corporation?
400
A person who transforms ideas for products or services into real-world businesses.
What is an entrepreneur?
400
A business owned by two or more persons, called partners, who agree to operate the business as co-owners.
What is a partnership?
400
The set of rules that all accountants use to prepare financial reports, issued by the Financial Accounting Standards Board (FASB)
What is GAAP?
400
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.
What is a business entity?
500
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.
What is a charter?
500
The owner of this form of business takes on all of the risks themselves.
What is a disadvantage of a sole proprietorship form of business?
500
A type of accounting system in which information is recorded by entering it into a computer; also known as an automated accounting system.
What is a Computerized Accounting System?
500
The type of accounting that focuses on reporting information to external users.