ACC 100 Chapter Notes - Chapter 1: International Accounting Standards Board, Historical Cost, Accounting Equation

21 views7 pages

Document Summary

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.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions