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Acc100 Chapter 1 Notes

In: Business and Management

Submitted By alphabetsoup
Words 1900
Pages 8
ACC 100 - 201
Chapter 1: Accounting Communication - An Introduction (Pages 1-21, 25-26)

Focus On Financial Results
Canadian National Railway Company (CN) * Generated $7.9 billion in revenues; $2.2 billion in income after expenses and income taxes * Owed $5.6 billion to creditors; Assets of $23.5 billion

Organization - a collection of individuals pursuing the same goal or objective. Ex: Student groups, a government, a business, a club, or a charity * Need financial information to describe the resources they hold and to support the various financial decisions they make

Forms of Organizations
Business Entities: * organized to earn an income (also known as profit)
Sole Proprietorships - A business with a single owner * Economic Entity Concept - The assumption that a single, identifiable unit must be accounted for in all students; financial statements prepared for a business must not intermingle one's personal affairs with the affairs of the entity. * The Canada Revenue Agency does not recognize the separate existence of a proprietorship from its owner. It is not a taxable entity; any income earned by the business is taxed on the tax return of the individual.
Partnerships - A business owned by two or more individuals and with the characteristic of unlimited liability. Ex: PricewaterhouseCoopers * Starting out, partners need an agreement as to how much each will contribute to the business and how they will divide the income * Not a taxable entity; the individual partners pay taxes on their proportionate shares of the income of the business
Corporations - A form of entity organized under the laws of a particular province or the federal government; ownership evidenced by shares * Share - A certificate that acts as ownership in a corporation * Advantages: 1) It makes it possible to raise large amounts of money in a

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