Chapter 1 - Chapter 1: The Role of Accounting in Business...

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Chapter 1: The Role of Accounting in Business
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Three Types of Businesses Operated for Profit Manufacturing Businesses Merchandising Businesses Service Businesses
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Forms of Business Proprietorship Partnership Corporation Limited Liability Company
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Provide goods or services to customers. Which goods or services should be offered? It depends on how the business plans to gain an advantage over its competitors to make money and maximize profits. How Do Businesses Make Money?
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Profits
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Business Stakeholders Who are business stakeholders and how are they related to the company? Business stakeholders are people or entities that have an interest in the economic performance and well-being of a business.
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Business Stakeholders
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Business Activities
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Financing Activities Obtaining funds to begin and operate a business by borrowing money or issuing shares of ownership. Borrowing creates a liability. Accounts Payable; Bonds Payable; Notes Payable Issuing ownership shares creates capital stock.
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Investing Activities Obtaining assets to start and operate a
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This note was uploaded on 02/24/2011 for the course ACCT 7080 taught by Professor Housain during the Spring '11 term at U. Memphis.

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Chapter 1 - Chapter 1: The Role of Accounting in Business...

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