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TTU / Accounting / ACCT 2300 / What are the types of business entity?

What are the types of business entity?

What are the types of business entity?

Description

School: Texas Tech University
Department: Accounting
Course: Financial Accounting
Professor: Roberta allen
Term: Spring 2016
Tags: Accounting
Cost: 25
Name: ACCT Ch 1-3 Notes
Description: These are from chapters 1-3 of the accounting course taught by Roberta Allen - these are BOOK NOTES, and extremely comprehensive. The book we used was Porter and Norton - the Impact on Decision Makers. I believe it was the 10th edition. These notes cover the following: Types of business entities, financial statement basics, basic principles of accounting, processing account info and debit
Uploaded: 09/16/2016
24 Pages 211 Views 0 Unlocks
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ACC 2300 If you want to learn more check out Name the two modes of cognition.

Chapter 1

What is Business? If you want to learn more check out does molarity count for sig figs
If you want to learn more check out What is an acid that contains hydrogen, oxygen, and another element?

Business:

  • all activities necessary to provide the members of an economic system with goods & services
  • most activities focus on:
  • Production manufacturing
  • Distribution (wholesale vs. retail)
  • Providing a service
  • Types of Businesses

If you want to learn more check out sufficient recurve

Forms of organization 

Business entity: organization made for profit

  • Types
  • Sole proprietorship: one owner because close relationship with owner and business, affairs MUST be kept separate!
  •  economic entity concept one Identifiable unit accountable
  • Partnership: 2+ people
  • ex: Law / Acct. firms & must have agreement (oral or written) on how to divide profits, etc
  • Corporation: organized under laws in a given state
  • controls majority of private resources
  • can issue shares of stock. Share of stock: certificate of ownership in corp.
  • Advantages:
  • lots of $ in short time
  • Stocks or bonds
  • bond: promise by company to pay back
  • transfer of ownership easily (ex: with stocks, just sell)
  • limited liability of Stockholder (only able for amount paid)

We also discuss several other topics like What is the process by which people act toward or respond to other people and is the foundation for all relationships and groups in society?
If you want to learn more check out suffolk university economics

Non Business Entities: organized for reason other than profit

ex: municipal government, hospital, local school district

  • no identifiable owner
  • use fund accounting

The Nature of Business activity

Financing Activities

  • All businesses start by financing
  • Accounting is language of business
  • Liability obligation of business
  • Ttypes:
  • note payable: company borrows $ from a bank
  • bonds payable: when company sells bonds 
  • taxes payable when company owes the gov't taxes
  • accounts payable: company buys from company and owes

  • Capital stock oviner's contributions to a corp. [AKA $ worth of stock sold]
  • Stockhoden Owners of corp. (AKA: Shareholder]
  • creditor: Someone to whom a company or person has a debt [AKA lender ] ex bond owner

Investing Activities

  • Asset: future economic benefit
  • not all are tangible, link with liability

Operating Activities

  • once funds are obtained through ‘Financing Activities’ and ‘investing Activities’, operations begin towards a business's purpose
  • elther a product or service

  • Revenue: inflow of assets via sale of goods/services
  • in a cash or debit sale, gets to an asset of cash
  • in a credit sale, gets an asset of ‘accounts receivable’ 

  • Expense: outflow of assets from sale of goods and services.

What is ACT and

  • accountag: process of identifying, measuring and communicating economic information to various users

Users of ACCT info & their needs

  • Internal users
  • directly involved in operations
  • gets financial info in a way to you best suit its needs
  • management accounting: branch of acct concerned with providing internal users with info to facilitate planning and control
  • limited by info available

  • External users
  • not directly involved in operations
  • info needed is diff than internal
  • limited by info gwen by Management - MORE limited than internal
  • IRS requires info in a specific way creditors get statements
  • Financial Accounting: branch OF ACCT concerned with Communication with outsiders through statements

  • Stockholders (and potentials)
  • need info, via financial Acct and Statements

  • Bondholders, Bankers, other creditors
  • Financial statements are needed before loan or bond etc.

  • Gov't Agencies
  • IRS, SEC, ICC, FTC

  • Other External users
  • employee, suppliers
  • rely on info from management

  •  Using Financial ACCT into a
  • primary user: stockholder 
  • Financial Decision Framework helps make decision to or not to buy stock
  1. Formulate Q
  • Should I invest?
  1. Gather info
  • Financial Statements
  • Personal finances

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