Chapter 1 - 1 Introduction to Accounting and Business...

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Introduction to Accounting and Business 1 Student Version
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1-2 1-2 1 1 Describe the nature of a business, the role of accounting, and ethics in business.
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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
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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
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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
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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
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1-7 1-7 Ethics are moral principles that guide the conduct of individuals. Role of Ethics in Accounting and Business 1
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1-8 1-8 Summarize the development of accounting principles and relate them to practice. 2
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1-9 1-9 Under the business entity concept, the activities of a business are recorded separately from the activities of its owners, creditors, or other businesses. Business Entity Concept 2
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1-10 1-10 70% of business entities in the United States. Easy and cheap to organize. Resources are limited to those of the owner. Used by small businesses. A proprietorship is owned by one individual. 2 Business Entity Concept
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1-11 1-11 Generates 90% of business revenues. 20% of the business organizations in the United States.
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This note was uploaded on 01/29/2011 for the course BUS 101 taught by Professor Pernia during the Spring '10 term at Essex County College.

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Chapter 1 - 1 Introduction to Accounting and Business...

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