ACC 100 Chapter Notes - Chapter 1: Income Statement, Historical Cost, Financial Statement
22 Oct 2012
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Document Summary
Accounting: the process of identifying, measuring, and communicating economic information to various users. Organization: a collecting of individuals pursing the same goal or objective. Share: a certificate that acts as evidence of ownership in a corporation. Bond: a certificate that represents a corporation"s promise to repay a certain amount of money and interest in the future. Sole proprietorship: a form of organization that has a single owner, not recognized as a taxable entity. Partnership: a business owned by two or more individuals and with the characteristic of unlimited liability. Corporation: a form of entity organized under the laws of a particular province or the federal government; ownership is represented through shares. Non-business entity: organization operated for some other purposes other than to earn profit: government entities federal agencies, municipal agencies. Asset: a future economic benefit to the organization. Capital stock: the owner"s contribution to the corporation. Shareholder: an individual who buys shares in a corporation.
