ACC 100 Lecture Notes - Lecture 2: Tertiary Sector Of The Economy, Secondary Sector Of The Economy, Retained Earnings

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Antonietta Vena

Document Summary

Jason deborn and carlo raponi own tees inc. , a business that manufactures a line of designer t-shirts. Jason and carlo would like to expand the business and they plan to approach the bank for a loan. They know that the bank will want financial information. They have discussed how to make the financial information looks as good as possible so they can get the maximum loan necessary to expand. When jason and carlo approach the bank a week later the bank tells them that the financial information must follow gaap. Secondary sector as this business turns raw materials into products. A wholesaler buys products in bulk from manufacturers, warehouses them, and then sells it to retailers. The tertiary sector provides services to the general population as well as other businesses. A stakeholder is an individual or group who either affects the business or is affected by the actions of the business.