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PPT_for_Section_1 - ACC 200 Fall 2010 Section 1 Forms of...

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ACC 200 Fall 2010 Section 1: Forms of Business Ownership and The Role of Accounting Roby B. Sawyers, CPA, Ph.D. College of Management
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2 Primary Topics What is Accounting? Types of Businesses Forms of Business Ownership Business Activities Introduction to Financial Statements Generally Accepted Accounting Principles
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3 What is Accounting? Accounting is an information system that systematically identifies, collects, records and communicates financial information related to business activities to various users
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ACCOUNTING INFORMATION SYSTEM Financial Accounting Subsystem Information Reported to External Users Management Accounting Subsystem Information Reported to Internal Users Tax Accounting Subsystem Information Reported to Taxing Authorities Regulatory Accounting Subsystem Information Reported to Regulatory Agencies
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OBJECTIVE OF BUSINESS To Provide products or services that are valued in the market place
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TYPES OF BUSINESSES Manufacturing Merchandising Service
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