Ch01(6th)Post - Chapter F1 ACCOUNTING AND ORGANIZATIONS 1-2...

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A A CCOUNTING AND CCOUNTING AND O O RGANIZATIONS RGANIZATIONS Chapter Chapter F1 F1
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1 - 2 1. Identify how accounting information helps decision makers. 2. Compare major types of organizations and explain their purpose. 3. Describe how businesses create value. 4. Explain how accounting helps investors and other decision makers understand businesses. Objectives Objectives
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1 - 3 5 . Identify business ownership structures and their advantages and disadvantages. 6. Identify uses of accounting information for making decisions about corporations. 7. Explain the purpose and importance of accounting regulations. 8. Explain why ethics are important for businesses and accounting. Objectives Objectives
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1 - 4 Accounting information helps decision makers determine where they are, where they have been, and where they are going. Obj - 1
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1 - 5 Maria and Stan decide to start a business selling cookies to local grocery stores. They estimate they can sell $12,000 of merchandise (cookies) each month. Obj - 1
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1 - 6 They estimate their monthly cost. Merchandise Merchandise $ 8,000 $ 8,000 Wages Wages 1,000 1,000 Rent Rent 600 600 Supplies Supplies 300 300 Utilities Utilities 200 200 Total Total $10,100 $10,100 Obj - 1
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1 - 7 Profit $1,900 They estimate how much they expect to make from the business each month. Merchandise sold Merchandise sold $ 8,000 $ 8,000 Wages Wages 1,000 1,000 Rent Rent 600 600 Supplies Supplies 300 300 Utilities Utilities 200 200 Total Total $10,100 $10,100 Costs Sales of Sales of merchandise merchandise $12,000 $12,000 Sales Obj - 1
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1 - 8 Risk is uncertainty about an outcome, such as the amount of profit a business will earn. Obj - 1
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1 - 9 Accounting can help with these decisions by providing information about the results that owners and other decision makers should expect will occur. Obj - 1
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1 - 10 Stakeholders include those who have an economic interest in an organization and those who are affected by its activities. Obj - 1
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An organization is a group of people who work together to develop, produce, and or distribute goods or services. Obj - 1
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This note was uploaded on 09/04/2008 for the course ACC 310F taught by Professor Verduzco during the Spring '07 term at University of Texas.

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Ch01(6th)Post - Chapter F1 ACCOUNTING AND ORGANIZATIONS 1-2...

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