ACCT I S 100 : chapter 1

• School: UW-Madison
• Department: Accounting And Info Systems
• Course: ACCT I S 100
• Professor: All

Document Summary

Chapter 1 introduces you to a variety of financial accounting topics. You will learn about the primary forms of business organization and the three principal types of business activity. You"ll also learn about users of accounting information and how that information is delivered. Finally, you"ll learn about the basic financial statements and their components as well as items that supplement the financial statements in an annual report. A sole proprietorship is a business owned by one person. It is simple to set up, and the owner has control over the business. Because they are so simple to organize, there are many thousands of sole proprietorships operating in the business world. A partnership is a business owned by two or more persons associated as partners. It provides strength in numbers: each partner may bring economic resources or unique talents or skills to the combination. A corporation is a separate legal entity owned by stockholders.