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The Nature of Accounting
Accounting is the process of recording, summarizing, analyzing, and interpreting financial (money-related) activities to permit individuals and organizations to make informed judgments and decisions.
By law all businesses must keep accounting records. Decisions are based on accounting information for profit and non-profit companies alike.
There are different forms of business organizations:
o Private business—object is to earn a profit
o Sole Proprietorship—owned by one person
o Partnership—co-owned by two or more persons
o Corporation—owned by investors called stockholders (The business—not the owners—are responsible for the company’s obligations.)
There are different types of business organizations:
• Service business—doctors, lawyers, barber shop, etc.
• Merchandising business—purchases goods for resale
• Manufacturing business—produces a product to sell