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ACT 230 Lec 1 - Introduction to Accounting By Joel...

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Introduction to Accounting By Joel E.Thompson I. Business – an economic entity that sells goods or services to customers and whose owners expect an adequate return for their investment that is at risk. Three basic types: A. Proprietorship - a business owned by one person who is personally liable for the debts of the business; B. Partnership - a business owned by two or more persons (partners) who are personally liable for the debts of the business; C. Corporation - a business that is a separate legal entity owned by stockholders who are not personally liable for the debts of the business. II. Accounting – the process of providing financial information about an economic entity. It involves identifying, recording and communicating information about economic events. III. Financial Accounting – the process of providing financial information to those primarily outside (e.g., investors and creditors) of an economic entity (a business in this course).
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