WRD_ch01_SV - 1 Introduction to Accounting and Business...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Introduction to Accounting and Business 1 Student Version
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 1-2 1-2 1 1 Describe the nature of a business, the role of accounting, and ethics in business. 1-2
Background image of page 2
3 1-3 1-3 Types of Businesses Delta Air Lines Transportation services Service Business Service 1 Merchandising Business Product Wal-Mart General merchandise Manufacturing Business Product General Motors Corp. Cars, trucks, vans
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 1-4 1-4 The Role of Accounting in Business Accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business. 1
Background image of page 4
5 1-5 1-5 The area of accounting that provides internal users with information is called managerial accounting . Managerial Accounting The objective of managerial accounting is to provide relevant and timely information for managers’ and employees’ decision-making needs. 1
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6 1-6 1-6 The area of accounting that provides external users with information is called financial accounting . Financial Accounting The objective of financial accounting is to provide relevant and timely information for the decision-making needs of users outside of the business. 1
Background image of page 6
7 1-7 1-7 Summarize the development of accounting principles and relate them to practice. 2 1-7
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8 1-8 1-8 Under the Under the business entity concept, the activities of a the activities of a business are recorded business are recorded separately from the activities separately from the activities of its owners, creditors, or of its owners, creditors, or other businesses. other businesses. Business Entity Concept 2
Background image of page 8
1-9 1-9 A proprietorship is owned by one individual. A partnership is similar to proprietorship except that it is owned by two or more individuals. A corporation is organized under state or federal statutes as a separate legal taxable entity. A
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 46

WRD_ch01_SV - 1 Introduction to Accounting and Business...

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online