Textbook Notes (369,141)
Canada (162,412)
Business (358)
BUSI 1003 (12)
all (1)
Chapter 1

Sept_6th - Chapter 1.docx

4 Pages
92 Views

Department
Business
Course Code
BUSI 1003
Professor
all

This preview shows page 1. Sign up to view the full 4 pages of the document.
Description
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
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit