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WorksheetsAccounting Chapter 1 and 2 Terms
Total questions: 14
Worksheet time: 7mins
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
A business owned by two or more people. They have the most risk of conflict.
Capital
Sole proprietorship
Partnership
Corporation
The standard set of rules that all accountants follow. They are created by the Financial Accounting Standards Board.
Financial reports
GAAP
Charter
Corporation
Gives a corporation permission to do business in that state.
Financial reports
GAAP
Charter
Corporation
Summarized information about the financial status of a business. This is the third step in the accounting system -- "output"
Financial reports
GAAP
Charter
Corporation
