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WorksheetsAccounting Ch 2 Vocab
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
The time period covered by an accounting report is called....
a)
accounting period
b)
going concern
2.
A(n) _________ has at least two owners.
a)
sole proprietorship
b)
partnership
3.
Money invested in a business by an owner is called ____________.
a)
merchandise
b)
capital
4.
The amount of money earned over and above the amount spent to keep a business operating is called ______________.
a)
profit
b)
loss
5.
Businesses that spend more than they receive operate at a ___________.
a)
profit
b)
loss
6.
A(n) is concerned with the process of recording and reporting financial information.
a)
accounting period
b)
accounting system
7.
A(n) _____________ is willing to take the risks of running a business.
a)
accountant
b)
entrepreneur
8.
______________ is a type of accounting that focuses on reporting information to external users.
a)
GAAP
b)
financial accounting
9.
Generally Accepted Accounting Principles refers to ____________.
a)
GAAP
b)
accounting systems
10.
Accounting for internal users of accounting information is called __________.
a)
financial accounting
b)
management accounting
11.
A(n) ____________exists independently of its owner's personal holdings.
a)
business entity
b)
service business
12.
A business expected to operate indefinitely is called a(n) ____________.
a)
going concern
b)
corporation
13.
A business that transforms raw materials into products is called a(n) ________________.
a)
service business
b)
manufacturing business
14.
A business organization that is recognized by law to have a life of its own is called a(n) _________________.
a)
corporation
b)
going concern
15.
A business organized to operate by providing professional services for a fee is called a(n) _____________.
a)
service business
b)
merchandising business
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