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ACC1701x Cheat Sheet (DRAFT) by

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Organi­zat­ional Forms

Sole Propri­eto­rship
One person liable for all debts.
Two or more people liable for all debts.
Separate legal entity. Owners not personally liable for debts. (Priva­te/­Public)

Types of Accounting

A system of analysing, recording, summar­ising and reporting the results of a business's activities
Fin. Acctg
Period­ically prepared financial statements for external users to evaluate the company
Mgr. Acctg
Strate­gically prepared financial reports for internal users to make business decisions