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Accounting 100-Chapter 1 The Nature of Accounting
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Accounting
the process
of recording, summarizing,
analyzing, and
interpreting financial
(money-related) activities
to permit individuals and
organizations to make
informed judgments and
decisions
Business
an organization that operates with the objective of earning a profit
Sole Proprietorship
A sole proprietorship is a business owned by one person.
Parnership
A partnership is a form of business that
is co-owned by two or more persons
Corporation
A corporation is a form of business that
is owned by investors called stockholders
Limited Liability Company (LLC)
type of business organization that combines features of a corporation and those of a partnership or sole proprietorship
Service Business
A service business performs services for customers to earn a profit.
Merchandising business
A merchandising business purchases goods produced by others and then
sells these goods to customers
Manufacturing Business
A manufacturing business produces a product to sell to its customers.
Asset
An asset is an item with money value that is owned by a business.
Author
davecowman
ID
348888
Card Set
Accounting 100-Chapter 1 The Nature of Accounting
Description
The Nature of Accounting
Updated
2019-10-12T20:16:23Z
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