Essay about Unit 1 Assignment 1 Business What S It All About

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Unit 1 Assignment 1 Business: What’s It All About?

AC1420
Lee Balkema
March 19, 2014
Adam Mitchell

1. The purpose of a business is to provide goods and services to customers to make a profit for the owners.
2. No. Some business organizations, known a not-for-profits, provide goods and services for the sole purpose of helping people. If those organizations do want a profit, they want to use it to provide more goods and services to their clients.
3. The three types are operating, investing, and financing.
4. The possible ownership structures for a business are sole proprietorship, partnership, or corporation.
5. Advantage is limited liability for the owners and the owners can diversify their financial risk. Disadvantage is double taxation and lack of owner participation in running the company.
6. The financial statements are based on a set of guidelines called generally accepted accounting principles (GAAP). The SEC and the FASB are currently the important players in the rule-setting game.
7. Managers use financial information for internal decision making. Investors use financial information to make decisions about investing. Creditors use financial information to decide whether to loan money or extend credit. They all use the information to make decisions.
8. Income Statement: revenues – expenses for a period of time.
Statement of changes in owners’ equity: changes in the owners’ equity for a period of time.
Balance Sheet: assets, liabilities, and owners’

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