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ACC 100 (214)
Chapter 1

Financial Accounting Chapter 1.docx

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ACC 100
Brad Mac Master

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)
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