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Definition
| The concept that requires an accounting system to reflect only information about economic events that pertain to a perticular entity. |
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| a system in which income is measured as the difference between the cash recieved from customers and the cash paid to employees and other suppliers of goods and services. |
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| A business entity that is legally separate and distinct from its owners |
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| A measure of company solvency and its ability to meet its long term needs |
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| The concept that assume that absent any information to the contrary, the business entity will continue into the foreseeable future |
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Definition
| The concept that asserts money is the common measurement unit of economic activity |
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Definition
| The financial statement designed to show the net income of the company for a period of time |
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Definition
| A partnership composed of one or more general partners and one or more limited partners; only the general partners' personal possessions are at the risk if the business should fail |
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| A business organized to convert raw materials into finished goods |
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| A business owned by two or more individuals whose personal possessions are at risk if the business fails |
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| the concept that requires that the success or failure of the business be determined at regular intervals |
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| A small business corporation owned by no more than 75 individuals; its profits are taxed at the individual level rather than the corporate level |
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Term
| Production and operation functions |
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Definition
| The function that is responsible for planning, organizing, directing, and controlling the operations of the business |
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Definition
| A business that exits to provide services such as loaning money, finding investors, and other services for which it charges fees |
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Definition
| A business owned by one person whose personal possessions are at risk if the business fails |
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Definition
| The financial statement designed to show the cash inflows and cash outflows for the period of covered by the income statement |
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Term
| Statement of owner's equity |
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Definition
| The financial statement designed to show the changes that occurred in owner's equity during the period of time covered by the income statemnt |
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