Textbook Notes (363,074)
Canada (158,173)
Accounting (526)
ACC 100 (209)
Else Grech (70)
Chapter 1

Ch. 1

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Ryerson University
ACC 100
Else Grech

ACC 100: CHAPTER 1 NOTES FORMS OF ORGANIZATIONS: Sole Proprietorship: 1 owner, unlimited liability Partnership: 2 or more owners, unlimited liability Corporation: many owners, ownership based on shares, organized under province o r federal government, limited liability Unlimited liability meaning that if you cannot pay bank creditors or the bank th ey can take anything from your in terms of compensation, even personal property TYPES OF BUSINESS ACTIVITY: Financing▯ raising funds Investing▯ buying land, building, equipment, etc. Operating▯ selling goods/services INTERNAL AND EXTERNAL USERS OF ACCOUNTING INFORMATION: Internal: Management - Need to know accounting info in order to know what best s uits their needs External: Current and Potential Owners, Rev. Canada, Bank/Creditors, Customers, Financial Analysts, Suppliers, Competitor, etc. WHAT IS ACCOUNTING? Indentifying, Measuring and Communicating Economics Information to Various Users BALANCE SHEET Reports the assets, liabilities, and shar▯ eholders as
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