ACC 100 Chapter 1: ACC 100 Chapter 1 Notes.docx

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Sole proprietorship: a business with a single owner: economic entity concept: the assumption that a single, identifiable unit must be accounted for in all situations. Partnership: a business owned by two or more individuals and with the characteristics of unlimited liability. Non-business entities: organization operated for some purpose other than to earn a profit. Financing activities: liability: an obligation of a business, capital stock: indicates the owners contributions to a corporation, shareholder: someone who buys shares in a company, creditor: someone to whom a company or person has a debt. Investing activities: asses: a future economic benefit to an organization (ex: purchase of land, buildings, and equipment) Operating activities: revenue: inflows of asses resulting from the sale of products and services, expense: outflows of asses resulting from the sale of goods or services. Accounting: the process of identifying, measuring, and communicating economic information to various users.

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