ACCT 2220 Chapter Notes - Chapter 1: Management Accounting, Financial Statement, Income Statement

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11 Nov 2013
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The information system that identifies and records the economic events of an organization, and then communicates them to a wide variety of interested users. Users of accounting information can be divided broadly into two types: internal users and external users. Include: finance directors, marketing managers, human resource personnel, production supervisors, and company officers. 3- others: tax authorities, regulatory agencies, customers, labour unions, economic planners. There are three forms of business organization: proprietorship, partnership and corporation. Simple to set up and gives control over the business. The owner receives any profits, suffers any losses, and is personally liable for all debts of the business. There is no distinction between the owner and the business. Examples: salons, farms, small retail stores, plumbers, mechanics. Similar to proprietorship except with more than one owner. Typically used to organize retail and service business, including lawyers, doctors, architects, engineers and accountants. As an investor in a corporation, you receive shares to indicate your ownership claim.

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