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ACC 100 (214)
Chapter 1

ACC 100 Chapter 1 Notes.docx

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ACC 100
Walter Krystia

ACC 100 Chapter 1 Notes Forms of OrganizationsSole Proprietorship a business with a single owner o Economic Entity Concept the assumption that a single identifiable unit must be accounted for in all situationsPartnership a business owned by two or more individuals and with the characteristics of unlimited liabilityCorporation a form of entity organized under the laws of a particular province or the federal government ownership evidenced by shares o Share a certificate that acts as ownership in a corporation o Bond a certificate that represents a corporations promise to repay a certain amount of money and interest in the futureNonBusiness Entities organization operated for some purpose other than to earn a profit The Nature of Business ActivityFinancing Activities o Liability an obligation of a business o Capital Stock indicates the owners contributions to a corporation o Shareholder someone who buys shares in a
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