Accounting - Financial services TYPES OF OWNERSHIP...

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ORGANIZATIONS OBTAIN AND USE RESOURCES TO ACHIEVE A GOAL OR GOALS Business—goal is to achieve a profit Not-for-Profit-to provide goods or services “Language of business” Obtaining resources----Financing Using resources----Investing and Operating Financing and Investing are structural Operating is day-to day ACCOUNTING A system of language and symbols for keeping track of financing, investing and operating, and Providing information to aid in management decisions about financing, investing and operating.
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NATURE OF BUSINESSES Service Merchandise Manufacturing and processing
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Unformatted text preview: Financial services TYPES OF OWNERSHIP Proprietorship Partnership Corporation RESOURCES=SOURCES OF RESOURCES ASSETS=LIABILITIES + EQUITY (A) (L) (L) IF A = L + E at beginning of period And all changes are tracked THEN A = L + E at the end of a period The basic financial accounting model is designed to keep track of the changes and produce a balance sheet at the end of successive periods. All changes (economic events) effecting resources and sources of resources must be identified and recorded....
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This note was uploaded on 11/04/2011 for the course ACTG ACTG1p11 taught by Professor Brown during the Fall '11 term at Brock University, Canada.

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Accounting - Financial services TYPES OF OWNERSHIP...

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