Chapter 1 Student Version

Chapter 1 Student Version - Accounting and Organizations...

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Click to edit Master subtitle style 4/5/11 Accounting and Organizations Chapter 1
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4/5/11 Knowledge Entrepreneur Business For-Profit Manufacturing Retail Service Nonbusiness Non-Profit Government Education Libraries Social services Charities Resource s Capital What is an Organization?
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4/5/11 Ford Motors Phillips Petroleum Ashley’s Furniture Rick’s Bakery Examples A company that produces goods that are sold to consumers, retailers, or other manufacturing companies . Manufacturing Capital Intensive Categories of Business
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4/5/11 Wal-Mart Lowe’s Dillard’s Examples A company that sell to consumers goods that are produced by other companies. Retail Labor Intensive Categories of Business
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4/5/11 Arvest Bank Farm Bureau Washington Regional University of Arkansas Examples A company that sell services rather than goods. Service Labor Intensive Categories of Business
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4/5/11 Life Harvester Church Public Library Other Post Office Fire Department Police Station Government Labor Intensive Categories of NonBusiness Labor Intensive
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4/5/11 The Three Most Common Forms Partnership Sole Proprietorship Corporation Business Ownership Structure
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4/5/11 Business Ownership Structure Sole Proprietorship A single owned business organization that does not have a legal identity from its owner.
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4/5/11 Advantages v Ease of establishment v Self-satisfaction v Privacy v Tax advantages Disadvantages v Unlimited liability v Personal pressure v Funding issues v Limited life Sole Proprietorship
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4/5/11 Business Ownership Structure Partnership A legal association of two or more people as co-owners of a business for profit.
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4/5/11 Advantages v Ease of establishment v Strength in numbers v Increased Capital v Tax advantages v Diversity of Skills v Extended Life Disadvantages v Unlimited liability Ø Debts Ø Law Suits v Interpersonal Problems Ø Managing Partner Ø Unproductive Partners Partnership
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4/5/11 Decision-Making Authority Dispute Resolution Division of Profits Expected Contributions Partnership Contract Legal agreement for the exchange of resources and services
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4/5/11 Business Ownership Structure Corporation A legal entity with the power to own property and conduct business.
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4/5/11 Enter Into Contracts Own and Sell Property Sue and Be Sued Enjoy Limited Liability Corporations
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Chapter 1 Student Version - Accounting and Organizations...

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