Accepted Accounting Principles

May 12th, 2015
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Alabama State University
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A BUSINESS (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers.[1] Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners.

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ACCOUNTINGThe systematicrecording, reporting, andanalysisoffinancialtransactionsof abusiness. Thepersoninchargeof accounting is known as anaccountant, and this individual is typically required to follow a set ofrules and regulations, such as theGenerally Accepted Accounting Principles. Accounting allows acompanyto analyze the financial performanceof the business, and look atstatisticssuch asnet profit.ABUSINESS(also known asenterpriseorfirm) is anorganizationengaged in thetradeofgoods,services, or both toconsumers.[1]Businesses are predominant incapitalisteconomies, where most of them areprivately ownedand administered to earnprofitto increase thewealthof their owners. Businesses may also benot-for-profitorstate-owned. A business owned by multiple individuals may be referred to as acompany, although that term also has a more precise meaning.Theetymologyof "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope the singular usa

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