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Chapter 1- Power point-classnotes copy

Chapter 1- Power point-classnotes copy - CHAPTER 1...

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Introducing Accounting In Business C H A P T E R 1
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Outline of Chapter 1 Business Entities Definition of Accounting Users of Accounting Information GAAP Principles of Accounting Assets, Liabilities and Equity Accounting Equation Revenues, Expenses and Dividend Transaction Analysis using the Accounting Equation Financial Statements
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Business Entity Forms Sole Proprietorship Partnership Corporation
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* Proprietorships and partnerships that are set up as LLC’s provide limited liability. Characteristics of Businesses * *
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Types of Businesses Service Service Business Business Service Service The Walt Disney Company Entertainment Delta Air Lines Transportation Marriott International Hotels Hospitality and lodging Bank of America Corporation Financial services XM Satellite Radio Satellite radio
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Merchandising Business Merchandising Business Product Product Wal-Mart General merchandise GameStop Corporation Video games and accessories Best Buy Consumer electronics Gap Inc. Apparel Amazon.com Internet books, music, video Types of Businesses
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Manufacturing Business Manufacturing Business Product Product General Motors Corp. Cars, trucks, vans Samsung Cell phones Dell Inc. Personal computers Nike Athletic shoes and apparel The Coca-Cola Company Beverages Sony Corporation Stereos and televisions Types of Businesses
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Owners of a corporation are called shareholders (or stockholders ). When a corporation issues only one class of stock, we call it common stock (or capital stock ). Corporation
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Top 10 Corporations … Fortune 500 Rank Company Revenues ($ millions) Profits ($ millions) 1 Wal-Mart Stores 351,139.0 11,284.0 2 Exxon Mobil 347,254.0 39,500.0 3 General Motors 207,349.0 -1,978.0 4 Chevron 200,567.0 17,138.0 5 Conoco Phillips 172,451.0 15,550.0 6 General Electric 168,307.0 20,829.0 7 Ford Motor 160,126.0 -12,613.0 8 Citigroup 146,777.0 21,538.0 9 Bank of America Co 117,017.0 21,133.0 10 American Intl. Group 113,194.0 14,048.0
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Accounting and Business
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Identifies Records Communicates Relevant Reliable Comparable Importance of Accounting Accounting is a system that information that is to help users make better decisions.
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