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Marketing
Products, pricing, promotion, distribution
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Human resources
Jobs, people, salaries, benefits
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Production and operations
Planning, directing, controlling, evaluating
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Finance
Capital maintenance
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Business entity concept
Accounting records only reflects info about economic events that pertain to one entity
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Going concerned concept
Accountants prepare financial statements assuming that the business will go on forever (Records can continue from one time period to another)
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Fiscal Period Concept
Businesses results can be measured in intervals, Time frame for reporting financial info
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Monetary unit
Financial reports must be presented in the same currency, no matter where the operations are located
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Ex. Clark owner of Kent machine shop, maintains two checking accounts - one for personal affairs in one for the business
Business entity concept
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A company has 10000 shareholders. Subsequently 2000 shareholders sell their shares to others. The company's financial statements are not affected
Going concern concept
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A company prepares furnish was demands every 3 months and annually
Fiscal Period
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A company continues in business even though its founder died
Going concern
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