ACC 100 Chapter 1: Chapter 1 notes.docx

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

Document Summary

Organization: a collection of individuals pursuing the same goal or objective. Sole proprietorship: a business with a single owner. Economic entity concept: the assumption that a single, identifiable unit must be accounted for in all situations. Partnership: a business owned by two or more individuals and with the characteristic of unlimited liability. Corporation: a form of entity organized under the laws of a particular province or the federal government; ownership evidenced by shares. Share: a certificate that acts as ownership in a corporation. Bond: a certificate that represents a corporation"s promise to repay a certain amount of money and interest in the future. Non- business entity organization operated for some purpose other than to earn a profit. Crown corporation: selling 100 percent of its ownership on various stock exchanges. Capital stock: indicates the owners" contributions to a corporation. Shareholder: someone who buys shares in a company. Creditor: someone to whom a company or person has a debt.