Textbook Notes (368,432)
Canada (161,877)
Accounting (533)
ACC 100 (214)
Chapter 1

Financial Accounting Chapter 1.docx

3 Pages
128 Views
Unlock Document

Department
Accounting
Course
ACC 100
Professor
Brad Mac Master
Semester
Fall

Description
ACC 100 Financial Accounting Chapter 1 Accounting Communication – An Introduction Accounting: the process of identifying, measuring, and communicating economic information to various users Organization: a collecting of individuals pursing the same goal or objective Business Entities: organized to earn income. Share: a certificate that acts as evidence of 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. 3 Types of Business Entities Exist I. Sole Proprietorship II. Partnership III. Corporation Sole Proprietorship: a form of organization that has a single owner, not recognized as a taxable entity. 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 is represented through shares. Non-business entity: organization operated for some other purposes other than to earn profit I. Government Entities  Federal agencies, Municipal agencies II. Private Organizations  Hospitals, Universities, Philanthropic org. Liability: an obligation of a business E.g. (mortgage payable, note payable, wages payable) Asset: a future economic benefit to the organization E.g. (cash, equipment, accounts receivable, buildings) Capital stock: the owner’s contribution to the corporation Shareholder: an individual who buys shares in a corporation Creditor: someone who a company owes money to Debtor: someone who owes money to a company Revenue: inflows of assets resulting from the sale of products and services Expense: outflows of assets resulting from the sale of goods and services Financing Actitivies (Raising money to start the business)
More Less

Related notes for ACC 100

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit