ACIS Exam Review

ACIS Exam Review - ACIS Exam Review Accounting Information...

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ACIS Exam Review Accounting : Information for economic decision making. Financial Accounting : Information for INVESTOR decision making in accountability situations. Decision Making: Diagram 3 Types of Business Organizations: 1. Sole Proprietorship – owned by a single individual. 2. Partnership – Owned by 2 or more individuals. Both responsible for losses. 3. Corporation – a separate legal entity created by the authority of a state government. Each state has separate laws concerning them. Limited liability for stockholders. Continuous life. Easily transferable ownership rights. Ability to raise capital is easy. Some disadvantages include government regulation and corporate double taxation. Corporate Management Structure:
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2 Types of Accounting Information: Financial : Focused on needs of external investors. Managerial : Focused on the needs of internal managers. Financial accounting provides information that is used in the market to answer questions about resource allocation. i.e. should I invest in IBM? A
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This note was uploaded on 05/04/2008 for the course ACIS 2115 taught by Professor Jayardley during the Fall '07 term at Virginia Tech.

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ACIS Exam Review - ACIS Exam Review Accounting Information...

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