ACC 110 Chapter Notes - Chapter 1: Nonprofit Organization, Financial Statement, Trade Union

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Document Summary

No two entities are identical, each are unique. Provides limited liabilities to amount of investment (shareholders aren"t liable for obligation) Accounting: is a system for gathering data about an entity"s economic activity and then processing and organizing the data to communicate it to people who want/needs it for decision making. Entity: is an economic unit such as an individual, proprietorship, partnership, corporation, non- profit organization and government. In an accounting environment, an entity is an economic unit that a stakeholder wants accounting information about. Rely on the entity to provide information. Operating decision: price, expansion, product successfulness, amount produce. Why does accounting matter: choose among alternative ways of accounting for transaction and economic events -> significant economic consequence. Country"s institution influence the way people live their lives. Shares of public organization can be purchased by anyone (traded on a stock exchange) Private corporations aren"t available for purchase unless agreed by its shareholder or entity.

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