Accounting Chapter 1 and 2 Terms

Someone who handles a broad range of responsibilities including making business decisions by preparing and interpreting financial reports.

• Accountant

• Entrepreneur

• Public Accounting Firms

• CPA

An entry-level job that can vary from highly specialized to very general

• Accountant

• Accounting Clerk

• Public Accounting Firms

• CPA

Ernst & Young, and PriceWaterhouseCoopers are examples of these.

• Accountant

• Accounting Clerk

• Public Accounting Firms

• CPA

Someone who transforms ideas into real-life businesses

• Accountant

• Accounting Clerk

• Public Accounting Firms

• Entrepreneur

An accountant that has met certain education and experience requirements and is licensed by the state

• Accountant

• Accounting Clerk

• Public Accounting Firms

• CPA

A review of a company's accounting system

• Audit

• Free Enterprise

• Accounting clerk

• CPA

An economic system where people can choose what to make and what to buy.

• Audit

• Free Enterprise

• Accounting clerk

• CPA

Start up money to pay for things like rent, wages, and raw materials

• Capital

• Sole proprietorship

• Partnership

• GAAP

A business owned by one person

• Capital

• Sole proprietorship

• Partnership

• GAAP

A business organized to limit liability of the owners

• Capital

• Sole proprietorship

• Partnership

• Corporation