business activities requires that we keep a chronological internal users of accounting information include external users of accounting information include

Name: Accounting Chapter 1 Notes
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Accounting Notes Chapter 1: Introducing Financial Information I. WIZARD OF WOZ a. Partnerships within entrepreneurial startups require a partnership agreement and they have unlimited liability. b. Partnerships can be converted to corporations which have limited liability. c. Corporations are run by stockholders or shareholders. II. IMPORTANCE OF ACCOUNTING a. Accounting: is an information and measurement system that identifies, records, and communicates relevant, reliable and comparable information about an organization’s business activities. i. Identifying business activities requires that we select relevant tra