Exam 1 - Number of owners in a 1. Proprietorship 2....

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Number of owners in a 1. Proprietorship 2. Partnership 3. Corporation 1. 1 2. 2 or more 3. Stockholders 2 a. What are the benefits of a? b. Give an example. 1. Proprietorship 2. Partnership 3. Corporation 1. a. It is simple to set up and gives the sole owner control over the business tax advantages. b. barber shop, farm 2. a. More economic resources to initiate or expand business. More unique skills and resources and tax advantages. b. Retail and service type business 3. a. Easy to transfer ownership, easier to raise funds and no personal liability. b. tootsie roll inc. 3 What is the definition of accounting? The information system that identifies, records, and communicates the economic events of an organization(business and non-business) to interested users. 4 What the two kinds of users of accounting information? 1. Internal- managers, production supervisors, finance directors, and company officers. 2. External- Investors, Creditors, Tax authorities, consumers, labor unions, regulatory agencies, economic planners.
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This note was uploaded on 03/25/2012 for the course ACCT I S 100 taught by Professor Kopsy during the Fall '11 term at Wisconsin.

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Exam 1 - Number of owners in a 1. Proprietorship 2....

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