Accounting Ch 2 Vocab

Front

Time period covered by an accounting report.

Back

accounting period

Front

A business with at least two owners.

Back

Partnership

Front

Money invested in a business by an owner is called ____________.

Back

capital

Front

Amount earned beyond expenses in business:

Back

profit

Front

Businesses that spend more than they receive operate at a ___________.

Back

loss

Front

Concerned with recording and reporting financial info.

Back

accounting system

Front

A(n) _____________ is willing to take the risks of running a business.

Back

entrepreneur

Front

Type of accounting focusing on external reporting.

Back

financial accounting

Front

Generally Accepted Accounting Principles refers to ____________.

Back

GAAP

Front

Accounting for internal users is called __________.

Back

management accounting