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Definition
| people are free to produce the goods and sevices they choose |
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Definition
| the amount of money earnwed over and above the amount spent top keep the business operating |
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Definition
| business that spends more money than they can earn |
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Definition
| a person who transforms ideas for products or services into real world businesses |
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Definition
| money that investors, banks, or bussiness owners supply |
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Term
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Definition
| provides a needed service for a fee |
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Definition
| buys finished products and resells them to indivisuals or other businesses |
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Term
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Definition
| buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to indivisuals or other businesses |
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Term
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Definition
| business owned by one person |
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Term
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Definition
| business owned by teo or more persons |
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Term
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Definition
| bussiness recognized by law to have a life od its own |
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Term
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Definition
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Term
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Definition
| designed to collect, document, and report on financial transactions affecting the business |
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Term
| maunual accounting system |
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Definition
| the accounting information is processed by hand |
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Term
| computerized accounting system (automated accounting system) |
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Definition
| financial information is recorded by entering it into a computer |
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Term
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Definition
| set of rules followed by all accountants to prepare financial reports. Refered to as generally accepted accounting principals |
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Term
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Definition
| summerized information about finanical business |
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Term
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Definition
| focuses on reporting information to external users |
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Term
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Definition
| focuses on reporting information to managment, ios often reffered to as accounting forinternal users |
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Term
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Definition
| the accounting assumption that focuses on reporting information to ,anagment that aid in the day to day decisions about the company |
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Term
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Definition
| period of time covered by an acccounting report |
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Term
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Definition
| accounting assumption that a business is expected to survive and operate indefinitly |
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