COMM 217 Midterm: Midterm Review part 1 - Chapter 1 to 4

• School: Concordia University
• Department: Commerce
• Course: COMM 217
• Professor: Majidul Islam

Document Summary

A business is an entity that engages in commercial, industrial, or professional activities for profit. It either produces goods (e. g. bombardier), offers services (e. g. (e. g. bombardier), offers services (e. g. pwc, deloitte), or retails already manufactured products (e. g. (e. g. bombardier), offers services (e. g. pwc, deloitte), or retails already manufactured products (e. g. walmart). Whatever is left over= profit (goes to shareholders) 1. purchase materials and hire labour: collect cash from operations, pay suppliers and employees, produce goods and/or services, sell to customers. Accounting: a system that collects and processes (analyzes, measures, records) financial information about an organization and reports that information to decision makers (aka. users of financial statements). External users: creditors (bank: wants to see the ability to repay a loan), investors (: how profitable is a company), suppliers (: how likely is a company to repay anything sold on credit), customers, employees, . Internal users (not this course): management of a company. Statement of financial position (aka. balance sheet)