Directions: Using terms from the following list, complete the sentences below. Write the letter of the term you have chosen in the space provided. A. accounting system B. business entity C. capital D. corporation E. entrepreneur E. financial accounting K. management G. accounting period н. GAAP L going concern J. loss N. partnership O. profit accounting L. manufacturing P. service business business Q. sole proprietorship M. merchandising business 0. A(n) 1. The time period covered by an accounting report is called 2. An)- 3. Money invested in a business by an owner is called . 4. The amount of money earned over and above the amount spent to keep a business operating is called- 5. Businesses that spend more than they receive operate at a 6. Ain) is concerned with the process of recording and reporting financial information. 7. A(n) is willing to take the risks of running a business. 8.- external users. has one owner. has at least two owners. is a type of accounting that focuses on reporting information to 9. Generally Accepted Accounting Principles refers to - 10. Accounting for internal users of accounting information is called . 11. A(n) 12. A business expected to operate indefinitely is called a(n). 13. A business that buys finished products and then sells them is called afn). 14. A business that transforms raw material into products is called ain) . 15. A business organization that is recognized by law to have a life of its own is called a(n) 16. A business organized to operate by providing professional services for a feeis called atn) -exists independently of its owner's personal holdings.
Directions: Using terms from the following list, complete the sentences below. Write the letter of the term you have chosen in the space provided. A. accounting system B. business entity C. capital D. corporation E. entrepreneur E. financial accounting K. management G. accounting period н. GAAP L going concern J. loss N. partnership O. profit accounting L. manufacturing P. service business business Q. sole proprietorship M. merchandising business 0. A(n) 1. The time period covered by an accounting report is called 2. An)- 3. Money invested in a business by an owner is called . 4. The amount of money earned over and above the amount spent to keep a business operating is called- 5. Businesses that spend more than they receive operate at a 6. Ain) is concerned with the process of recording and reporting financial information. 7. A(n) is willing to take the risks of running a business. 8.- external users. has one owner. has at least two owners. is a type of accounting that focuses on reporting information to 9. Generally Accepted Accounting Principles refers to - 10. Accounting for internal users of accounting information is called . 11. A(n) 12. A business expected to operate indefinitely is called a(n). 13. A business that buys finished products and then sells them is called afn). 14. A business that transforms raw material into products is called ain) . 15. A business organization that is recognized by law to have a life of its own is called a(n) 16. A business organized to operate by providing professional services for a feeis called atn) -exists independently of its owner's personal holdings.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter1: Introduction To Accounting
Section: Chapter Questions
Problem 2SEB: ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions....
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Transcribed Image Text:Directions: Using terms from the following list, complete the sentences below. Write the letter of the
term you have chosen in the space provided.
A. accounting system
B. business entity
C. capital
D. corporation
E. entrepreneur
E. financial accounting
K. management
G. accounting
period
н. GAAP
L going concern
J. loss
N. partnership
O. profit
accounting
L. manufacturing P. service business
business
Q. sole proprietorship
M. merchandising
business
0. A(n)
1. The time period covered by an accounting report is called
2. An)-
3. Money invested in a business by an owner is called .
4. The amount of money earned over and above the amount spent to keep a business
operating is called-
5. Businesses that spend more than they receive operate at a
6. Ain) is concerned with the process of recording and reporting financial
information.
7. A(n) is willing to take the risks of running a business.
8.-
external users.
has one owner.
has at least two owners.
is a type of accounting that focuses on reporting information to
9. Generally Accepted Accounting Principles refers to -
10. Accounting for internal users of accounting information is called .
11. A(n)
12. A business expected to operate indefinitely is called a(n).
13. A business that buys finished products and then sells them is called afn).
14. A business that transforms raw material into products is called ain) .
15. A business organization that is recognized by law to have a life of its own is
called a(n)
16. A business organized to operate by providing professional services for a feeis
called atn)
-exists independently of its owner's personal holdings.
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