ACC 100 Lecture Notes - Lecture 1: Primary Sector Of The Economy, Going Concern, Tertiary Sector Of The Economy

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Keith Whelan

Document Summary

Acc 100 - lecture 1 - introduction to accounting. The activity of making, buying, or selling goods or providing services in exchange for money. Primary sector businesses grow and gather resources. Secondary sector businesses manufactures raw materials into products. Tertiary sector businesses provides services or sell goods. A retailer earns a profit by reselling goods or providing services to consumersin order to satisfy their needs and wants. A wholesaler buys large quantities of goods from manufacturers, warehouses them, and then resells them to retailers. Stakeholders are individual or groups who either affect the business or are affected by the actions of the business. Every stakeholder has an objective for their relationship with the business. External stakeholders are outside of the business. Earn high wages and keep their jobs. Ensure taxes are minimized and tax laws are followed. Maximize profit and to grow the business. They want to earn income from their investment. Sell products or services to the business.