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12 Cards in this Set
- Front
- Back
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when a business's records and holdings afre kept separtate from is ower's personal holdings, the accounting assuption of ____ is being followed.
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Businesss entity
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A(n) ____ refers to the period of time covered by and accounting report.
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accounting period
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A(n)___ operates to earn money for its owners.
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for-pofit business
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___ summarizes information about the financial status of a business.
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financial reports
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when it is assumed that a business will continue to operate into the future, the business is said to be a(n) ___
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going concern
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although each business sets up its owne ___ to meet its specific needs, all businesses follow the same basic accounting rules and procedures.
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accounting system
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___ refers to the way a person uses her or his time, energy, and resources.
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lifestyle
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___ is money invested in a business by its owner or owners of the money provided by banks or investors.
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capital
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A(n) ___ is an individual who organizes a business and is willing to accept the risks involved in operating it.
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entrepreneur
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People are free to produce the goods and services they choose in a(n)_____.
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free enterprise system
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___ are rules accountants follow when recording and reporting accounting information.
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GAAP
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___ is concerned with preparing reports for external users such as investors or creditord.
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financial accounting
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