《principles of accounting》cap 1.pptx

Principles of Accounting;In English or In Chinese;KEY;Conceptual Framework and Financial Statements;What is Accounting;记数? 应用技术? 管理活动? 信息系统? ;LO 1;LO 1;;;;;会计信息的使用者;LO 1;会计分类：;LO 1;;Proprietorship Single owner Tend to be small retail stores or solo providers of professional services Proprietor is personally liable for all the business’s debts Business records should not include the proprietor’s personal finances;Partnership Two or more parties as co-owners Income and losses “flow through” to the partners Many include retail establishments, professional service firms, real estate, and oil and g