| A | B |
|---|
| Private enterprise economy | produce goods and services freely and use money as they wish |
| Business entity | Exists independently from its owner's personal holdings |
| Going concern | assumption that business will continue to operate in the future |
| trading business | business buys finished products and resells them to individuals or businesses |
| service business | business operates to provied a needed service for a fee |
| sole proprietorship | one owner |
| partnership | two or more owners |
| corporation | owned by shareholders |
| manufacturing business | business buys raw materials and transform into finished products |
| SAC's | stands for Statement of Accounting Concepts |
