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Intermediate Algebra Within Reach
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Chapter 3 / Exercise 66
Intermediate Algebra Within Reach
Larson
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This book is licensed under a Creative Commons Attribution 3.0 License1. Accounting and its use in business decisionsLearning objectivesIdentify and describe the three basic forms of business organizations.Distinguish among the three types of activities performed by business organizations.Describe the content and purposes of the income statement, statement of retained earnings, balance sheet, and statement of cash flows.State the basic accounting equation and describe its relationship to the balance sheet.Using the underlying assumptions or concepts, analyze business transactions and determine their effects on items in the financial statements.Prepare an income statement, a statement of retained earnings, and a balance sheet.Analyze and use the financial results—the equity ratio.A career as an entrepreneurWhen today’s college students are polled about their long-term career choice, a surprisinglylarge number respond that they wish to someday own and manage their own business. In fact, theaspiration to start a business, to be an entrepreneur, is nearly universal. It is widely acknowledgedthat a degree in accounting offers many advantages to a would-be entrepreneur. In fact, if you askowners of small businesses which skill they wish they had more expertise in, they will veryfrequently reply “accounting”. No matter what the business may be, the owner and/or managermust be able to understand the accounting and financial consequences of business decisions.Most successful entrepreneurs have learned that it takes a lot more than a great marketing ideaor product innovation to make a successful business. There are many steps involved before an ideabecomes a successful and rewarding business. Entrepreneurs must be able to raise capital, eitherfrom banks or investors. Once a business has been launched, the entrepreneur must be a manager—a manager of people, inventory, facilities, customer relationships, and relationships with the verybanks and investors that provided the capital. Business owners quickly learn that in order tosurvive they need to be well-rounded, savvy individuals who can successfully manage these diverserelationships. An accounting education is ideal for providing this versatile background.In addition to providing a good foundation for entrepreneurship in any business, an accountingdegree offers other ways of building your own business. For example, a large percentage of publicaccountants work as sole proprietors—building and managing their own professional practice. Thiscan be a very rewarding career, working closely with individuals and small businesses. Oneadvantage of this career is that you can establish your practice in virtually any location rangingfrom large cities to rural settings. Finally, many accountants who have gained specialized expertiseand experience in a particular field start their own practice as consultants. Expertise such as this,
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Intermediate Algebra Within Reach
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Chapter 3 / Exercise 66
Intermediate Algebra Within Reach
Larson
Expert Verified

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