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ACG 2021 ACG2021 StudyGuide – Chapter 1 – Everest College

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ACG 2021 ACG2021 StudyGuide – Chapter 1 – Everest College

Chapter 1Accounting as a Form of Communication

After studying this chapter, students should be able to:

Explain what business is about (Module 1LO1).

Distinguish among the forms of organization (Module 1LO2).

Describe the various types of business activities (Module 1LO3).

Define accounting and identify the primary users of accounting information and their needs (Module 2LO4).

Explain the purpose of each of the financial statements and the relationships among them and prepare a set of simple statements (Module 2LO5).

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ACG 2021 ACG2021 StudyGuide – Chapter 1 – Everest College

Chapter 1Accounting as a Form of Communication

After studying this chapter, students should be able to:

Explain what business is about (Module 1LO1).

Distinguish among the forms of organization (Module 1LO2).

Describe the various types of business activities (Module 1LO3).

Define accounting and identify the primary users of accounting information and their needs (Module 2LO4).

Explain the purpose of each of the financial statements and the relationships among them and prepare a set of simple statements (Module 2LO5).

Identify and explain the primary assumptions made in preparing financial statements (Module 3LO6).

Identify the various groups involved in setting accounting standards and the role of auditors in determining whether the standards are followed (Module 3LO7).

Explain the critical role that ethics plays in providing useful financial information (Module 3LO8)

MODULE 1 THE NATURE OF BUSINESS Module 1LO 1

The Nature of Business Business consists of all activities necessary to provide the members of an economic system with goods and services.

Classification of business by type of activity:

Product companies provide goods or product.

Suppliers supply raw materials needed to make the product.

Manufacturers/Producers transform the raw materials obtained from the suppliers into a finished product. Distributors sell the finished product to others.

Wholesalers sell to retail outlets.

Retailers sell to consumers.

Service companies provide a service. Service providers are becoming increasingly important in today’s economy.

Module 1LO2 Forms of Organization One way to categorize organizations is to distinguish between those that are organized to earn money and those that exist for some other purpose.

Business Entities

Business entities are organizations operated to earn a profit. Legally business entities are one of three types:

Sole Proprietorships

A business organization with a single owner.

Many small businesses are sole proprietorships.

Economic entity concept: the affairs of the business and the owners must be kept separate. A single, identifiable unit must be accounted for in all situations.

Economic entity concept is an accounting concept, not a legal concept. Therefore, a sole proprietorship is not a taxable entity.

The business profits are taxed on the owner’s return.

Partnerships

A business owned by two or more individuals.

Many small businesses begin as partnerships.

The partnership agreement determines how profits will be divided and how much each partner will contribute. The agreement can be oral or written.

Public accounting firms, law firms, and other types of service companies are often partnerships.

Not a taxable entity. Individual partners pay taxes on their proportionate share of the business’s profits.

Corporations

Corporations control the majority of private resources in the U.S, even though sole

ACG 2021 ACG2021 StudyGuide – Chapter 1 – Everest College

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