SOCSCI 2AC3- Final Exam Guide - Comprehensive Notes for the exam ( 22 pages long!)
28 Mar 2018
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Companies operate in tax advantages . Sole proprietorship: a business organization owned by one person. The owner is personally liable for business debts, only one person has bad credit if bankruptcy: barbershops. Partnership: a business organization owned by more than one person. The partners are personally liable for business debts: profit split btwn owners, fails also split. The owners (shareholders) are not personally liable for business debts: unlike others not real people behind it, legal entity acts as person, risk shared btwn lot more so are wins. Financial accounting external users of accounting, shows whether u made money ur assets financial accounting: these are a set of financial statements that are prepared. Managerial accounting internal users simple, breakdown of costs for people that work there anticipate. Every transaction affects 2 accounts and needs to satisfy equation (both sides equal each other) Accounts accumulate and report the effects of each different business activity.
