[ACBU 2222] - Final Exam Guide - Comprehensive Notes for the exam (29 pages long!)

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carminebear339

29 Nov 2016

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Document Summary

3 forms of business organizations: proprietorship: business owned and managed by 1 person, partnership: business owned by 2 or more persons associated as partners. Big 4 accounting firms (pwc, kpmg, ey, and deloitte) are limited liability partnerships (llp: corporation: business organized as a separate legal entity under state corporation law and having ownership divided into transferable shares of stock. Shareholders have limited liability (lose only what they invest at the worst) and corporation have unlimited life (unless sold or bankrupt) Biggest public company in terms of revenues is walmart. Biggest public company in terms of assets is berkshire hathaway. Biggest public company in terms of market capitalization is apple. 3 types of business activities: financing activities: owner financing and non-owner finance, investing activities: buying and selling resources, operating activities: selling products and services and generating sales and expenses. Accounting: information system that identifies, records, and communicates economic events (transactions) of an organization to interested users.

Related Questions

just a quick study guide for final exam

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