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BUSI 1003 (12)
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Chapter 1

Sept_6th - Chapter 1.docx

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Course Code
BUSI 1003

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Chapter1TheRoleofAccountinginBusinessTypes of Businesses Service Manufacturing MerchandisingForms of Business Proprietorship Individual Partnership Corporation PrivateShares held by small amount of people PublicShares can be bought by publicoInitial Public Offering IPOoShare Part owner of company vote at shareholder meetings may receive a dividend portion of the income a company gives to shareholdersConsiderations in Choosing a Form of Business Ease of formation Ability to raise capital Legal liability Taxation Limitation on lifeDecision Making and Business StakeholderoCapital market stakeholdersstakeholders owners and banksoProduct or service market stakeholderscustomers and suppliersoGovernment stakeholdersCRA Corporations Canada Ontario Ministry of Government ServicesoInternal Stakeholdersemployees and managersBusiness ActivitiesoFinancing Activities Borrowing from a 3rd party investing in the businessoInvesting Activities Use business assets to acquire more assets tangible machinery buildings computers and intangible patents and goodwilloOperating ActivitiesObjectives of Financial Accounting Provides reports to stakeholders about economic activities and condition of a business summarizes financial performance for external usersFinancial Statements Financial condition over a period of timeoBalance sheet Snapshots of condition at one timeoIncome statement Summary of revenue and expenses over a period of time Matching ConceptoRetained Earnings Statement summary of changes in the retained earnings in the business for a specific period of time net income also Statement of Changes in Shareholders EquityoStatement of Cash Flows summary of cash receipts and cash payments for a specific period of time
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