ACC 100 Lecture Notes - Lecture 1: Td Canada Trust, Pizza Hut, Animal Husbandry

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Donna Zathy

Document Summary

"the activity of making, buying, or selling goods or providing services in exchange for money . Stakeholders are individuals 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. Their objectives generally relate to their ability to keep their jobs, do their jobs more efficiently, get promoted, and get paid for their work. External stakeholders are outside of the business and their objectives generally relate to decisions they will make about money (also called resource allocation decisions) or about how the business can affect them, either positively or negatively. Companies record their business transactions in an accounting system : an information system that collects, groups, and communicates a business"s financial position, including its financial health and profitability. Without accounting information, stakeholders would not be able to make many of the decisions that help them meet their objectives.