COMD 2051 Chapter 1: ACCT 2000 Chapter 1 class notes 5e.docx
17 Oct 2014
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Chapter 1 class notes: describe the primary forms of business organization. Identify the users and uses of accounting information. Accounting is the information system that identifies, records, and communicates the economic events of an organization to interested users. Users of accounting information (two categories & examples of each) Recent financial scandals led congress to the pass the sarbanes- oxley act in 2002. Steps in solving an ethical dilemma: recognize an ethical situation and ethical issues involved. Identify and analyze the principal elements in the situation. Identify the alternatives & weigh the impact on the stakeholders. Three types of business activities and examples of each: Two primary sources of outside funds are: _________________________, amounts owed are called _____________________, party to whom amounts are owed are creditors, notes payable and bonds payable are different type of liabilities, _______________________________, payments to stockholders are called __________________.
