| A | B |
|---|
| accounting period | time covered by an accounting report |
| business entity | separate from personal holdings |
| going concern | assuming the business will remain open |
| financial accounting | reporting to external users |
| management accounting | reporting to internal users |
| GAAP | rules of accounting |
| financial reports | summaries of financial status |
| profit | revenue is more than expenses |
| loss | expenses are more than revenue |
| capital | investment in company |
| sole proprietorship | single owner |
| partnership | owned by 2 or more |
| corporation | a legal life of its own |
