ACC 100 Chapter Notes - Chapter 1: Management Accounting, Historical Cost, Accounts Payable
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25 Oct 2014
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An organization is defined as a collection of individuals pursuing the same goal or objective. There are many kinds of these business entities: sole proprietorships, a business with a single owner. Often they also operate the business themselves: despite the close relationship between owner and business, they must be kept separate. This is an example of accounting in the economic entity concept, the assumption that a single, identifiable unit of an organization must be accounted in all situations. Accounting and law firms, and others are often organized as partnerships: like sole proprietorship, it is not taxable. Individual partners pay taxes on their proportionate shares of the business income: corporations, a corporation is an entity organized under the laws of a particular province or federal government. Each province is empowered to regulate the creation and operation of businesses organized as corporations in it: they are started by filing articles of incorporation with the government.
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