Ch. 1.docx

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Department
Accounting
Course
ACCTG 211
Professor
Michael Ridenour
Semester
Spring

Description
ACCTG 21 1 Chapter 1 ­Proprietorship ­Owned by one person  (Debt & no stock) ­Partnership ­Owned by two or more  (Debt & no stock) ­Corporation ­State or federal status (Double­taxation) ­Limited Liability Company ­Popular Alternative to partnership/proprietorship ­Best of both worlds (Limit of shareholders) ­Business Stakeholder  ­Person or entity having an interest in the economic performance and  well­being of a business ­Capital Market Stakeholder ­Provide major financing for the business in order for the business to begin and continue its operations ­Product/Service Market Stakeholder ­Customers who purchase the business’ products or services as well as the vendors who supply inputs ­Government Stakeholders ­Interest in the economic performance of business ­City, County, State, Federal Gov. collect taxes from businesses within their jurisdiction ­Internal Stakeholder ­Individuals employed by the business ­Managers have incentive to maximize economic value of business ­Employees have interest because their jobs depend on it ­Ethics ­Moral principles that guide the conduct of individuals ­Accounting ­Information system provides reports to stakeholders about economic activities and condition of a business ­Financial Accounting ­Concerned with recording and reporting economic data and activities (Everyone) ­Managerial Accounting ­Financial accounting and estimated data to aid management in running day­to­day operations  and in planning future operations
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