| A | B |
|---|
| The period of time covered by an accounting report. | Accounting Period |
| An individual who transforms ideas for products or service into real-world businesses. | Entrepreneur |
| An accounting assumption where the accountant prepare reports as though the business will operate indefinitely. | Going Concern |
| A summary of information about the financial status of a business. | Financial Reports |
| Money invested in a business by its owner(s) or the money provided by banks or investors. | Capital |
| A legal document giving a business the right to operate as a corporation. | Charter |
| An accounting assumption when a business owner must keep the financial records for the business separate from personal records | Business Entity |
| A process to collect, document, and report on the financial transactions affecting the business. | Accounting System |
| A business organization tha tmust get permission from teh state to operate. | Corporation |
| A concern when preparing information for internal users. | Management Accounting |
| A concern when preparing reports for external users such as investors or creditors. | Finanical Accounting |
| Rules that accountants must follow when recording and reporting accounting information | GAAP |
| If a business spends more money to operate than it earns from the sales of goods or services, this is called a ___. | Loss |
| A business operating that earns more moeny than it spends. | Profit |
| All types of business sell a product. True or False | False |
| A business owner must always get permission to operate from the state government. True or False | False |
| Each business operates with difference accounting rules and procedures. True or False | False |
| All business set up their accounting systems in the same manner. True or False | False |
