| A | B |
|---|
| Accounting System | designed to collect |
| Manual Accounting System | accounting information is processed by hand |
| Computerized Accounting System | financial information is recorded by entering it into a computer |
| GAAP | Generally Accepted Accounting Principles |
| Financial Reports | documents that present summarized information about the financial status of a business |
| Financial Accounting | type of accounting that focuses on reporting information to external users |
| Management Accounting | type of accounting that focuses on reporting information to management; often referred to as accounting for internal users of accounting information |
| Business Entity | accounting assumption that a business exists independently of its owner’s personal holdings |
| Accounting Period | period of time covered by an accounting report |
| Going Concern | accounting assumption that a business is expected to survive and operate indefinitely |
| Fundamental | basic and necessary |
| Volume | degree or loudness; intensity of a sound |
| Specific | particular |
