Textbook Notes (369,074)
Canada (162,369)
Accounting (533)
ACC 100 (214)
Else Grech (70)
Chapter 1

Chapter 1

3 Pages
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Department
Accounting
Course Code
ACC 100
Professor
Else Grech

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Description
Chapter 1 Accounting Communication An introduction Organization is a collection of individuals pursuing the same goal or objective Forms of organizations Business entities Organized to earn an income (profit) There are 3 types o 1) Sole proprietorships is a business with a single owner o It is an example of the economic entity concept o Economic entity concept is the assumption that a single, identifiable unit must be accounted for in all situations (ex. A grocery store owner must separate his personal costs from the costs linked with the grocery business) o Sole proprietorships is not a taxable entity that means income earned by the business is taxed only on the tax return of the owner o 2) Partnerships is a business owned by 2 or more person and with the characteristic of unlimited liabi
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