ACCTG 231 Lecture Notes - Lecture 1: Limited Liability, Sole Proprietorship, Limited Liability Company
14 Apr 2016
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Document Summary
Business: the exchange of goods or services on an arm"s length basis - fair trade between unrelated paries - resuling in mutual beneit for both paries involved. o o. Paries involved believe there are greater possible future beneits than the possible future sacriices. Employees perform the five basic funcions for a business. Determines the wants and needs of consumers and devises a system for distribuing goods and services to meet customer demand. Responsible for ensuring that capable employees are given opportuniies to succeed in a safe work environment. Planning, organizing, direcing, and controlling the day-to-day aciviies of the business. Responsible for managing the inancial resources of the business. How and when to raise capital as well as where to invest that capital. Provides useful informaion to the other funcional areas and external paries. Must ensure that the users receive the informaion they need, when they need it and in a form that is appropriate to the infrastructure.
