ACC 100 Lecture Notes - Lecture 1: Tertiary Sector Of The Economy, Capital Structure, Financial Statement
Document Summary
The activity, buying, or selling goods or providing services in exchange for money. Cardboard factory, frozen food factory: tertiary sector, the retail stores are the tertiary sector, where goods and services are sold to consumers, examples: baby-sitting, cinema and banking. Stakeholders are individual or groups who either affect the business or are affected by the actions of the business. All stakeholders have objectives, something they want from their relationship with the business. External stakeholders are outside of the business and their objectives generally relate to decisions they will make about money ( aka resource allocation decisions). How the business can affect them, either positive or negative way. Earn high wages and keep their jobs. Ensure taxes are minimized and tax laws are followed. Ensure businesses pay taxes, employ more people, follow laws. Buy quality products at low prices, get the best warranties on products or services. Sell products/services to the business, get paid on time and in full.