ACC 100 Chapter Notes - Chapter 1-6: Statement Of Changes In Equity, Retained Earnings, Current Asset

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Else Grech

Document Summary

All activities necessary to provide the members of an economic system with goods and service. The assumption that a single, identifiable unit must be accounted for in all situations. Sole proprietorship: form of a organization with a single owner. A business owned by two or more individuals; organization form often used by accounting firms and law firms. A form of entity organized under the laws of a particular jurisdiction; ownership evidenced by shares. A certificate that acts as ownership in a corporation. A certificate that represents a corporation s promise to repay a certain amount of money and interest in the future. Organization operated for some purpose other than to earn a profit an obligation of a business. Indicates the owners contributions to a corporation one of the owners of a corporation. An inflow of assets resulting to the sales of goods and services. An outflow of assets resulting to the sales of goods and services.