ACCT 200 Lecture Notes - Lecture 1: Certified Public Accountant, Net Income, Trial Balance

• School: University of Arizona
• Department: Accounting
• Course: ACCT 200
• Professor: All

Document Summary

To be an owner of a corporation you have to buy stocks, makes it easy to transfer ownership by selling shares. Not personally liable in a corporation, personal protection corporate shield . Sp has individual income taxed so income is only taxed one, but corporations are basically taxed twice, owners are taxed then dividends to shareholders are taxed again. Internal users: marketing, managers, human resources, finance. Creditor: party loaning money to a business. The accounting information system keeps track of the results of each of investing, financing, and operating activities. If you purchase stick you hope to get back dividends (returns on stock purchase) Financing activities: 1. debt financing (loan) and 2. equity financing (stock) Ppe property, plant, and equipment: computers, delivery trucks, etc. Financing is your own stock, investing is others stock. Investments: investing in a business through stocks. Inventory: goods available for sale to customers.