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Chapter 2 Vocab
Vocab from Chapter 2
11
Accounting
9th Grade
09/14/2012

Additional Accounting Flashcards

 


 

Cards

Term
Free Enterprise System
Definition
A system in which individuals are free to produce the goods and services they choose.
Term
Profit
Definition
The amount earned above the amount of expense incurred to keep the business operating.
Term
Loss
Definition
The result when a business spends more money than it earns.
Term
Entrepreneur
Definition
A person who transforms ideas for products and services into real-world business.
Term
Capital
Definition
Money supplied by investors, banks, or owners of a business.
Term
Service Business
Definition
A business that provide a service for a fee.
Term
Accounting System
Definition
A system designed to collect, document, and report on business transactions.
Term
Manual Accounting System
Definition
Term
Computerized Accounting System
Definition
Term
GAAP
Definition
Term
Financial Reports
Definition
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