BUS 251 Lecture : Lecture 1

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redwombat877

13 Feb 2012

School

Simon Fraser University

Department

Business Administration

Course

BUS 251

Professor

Steve Gibson

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Document Summary

Chapter 1: overview of corporate financial accounting: what is a business. Selling products or services and/or invest in other business. A business usually plan to earn a profit for their owners (accounting is an enabler of success in business: what is accounting. An information system in which the underlying economic conditions of organizations (and individuals) are recorded, summarized, reported and understood i. e. balancing your personal cheque book, recording and reporting on the economic condition of a multinational corporation (microsoft) Provides a framework around which people are organizations make decisions. Financial statements: management s reports to the companies owners that summarize how the company performed during a particular period. Tell users what the company owns, to whom it has obligations (debts), and what is left over after the obligations are satisfied (paid) There is also a statement that describes how cash flowed in and out of the company.

Related Questions

Which of the following statements is true of business ethics?

a. Ethical behavior can not only enhance a company's reputation but can also drive profits.

b. Conducting business in an ethical manner does not influence the financial performance of a company.

c. Social responsibility is directed only toward a company's customers and not its employees.

d. Social responsibility in business is less important than satisfying shareholders.

e. Business ethics is not relevant to nonprofit organizations.

silverwombat742

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders

whiterhinoceros784

Under the corporate form of business organization

a. ownership rights are easily transferred.

b. a stockholder is personally liable for the debts of the corporation.

c. stockholders' acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation.

d. stockholders wishing to sell their corporation shares must get the approval of other stockholders

blueleopard612

BUS 251 Lecture : Lecture 1

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