the process of identifying, measuring, recording, and communicating financial information about a company's business activities so decision makers can make informed decisions.
outside the business:
providing information that satisfies the needs of external decision-makers (outside demand).
business owned by one person.
examples: small local businesses such as restaurants, photography studios, retail stores, etc.
business owned jointly by two or more individuals.
examples: physicians, lawyers, accountants.
business organized under the laws of a particular state.
examples: apple; owned by stockholders
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