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ACCT 101 - Fundamentals of Accounting 1 Chapter 1 - Introducing Accounting in Business Overview: This chapter will mainly be a review for you, as you have covered most of the concepts in ACCT 100. You should spend your time reviewing the old concepts, and especially studying the new ones. . What's New in this Chapter? The corporate form of business ownership. Accounts that pertain to corporations, Common Stock, Retained Earnings, Dividends. Some accounting principles, or at least their names. Two Financial Statements - Statement of Retained Earnings and Statement of Cash Flows. Accounting in Business: What you should already know: Accounting is the "language of business." It is an information and measurement system that identifies, records and communicates relevant, reliable and comparable information about business activities in economic terms. Three major accounting activities are identifying, recording, and communicating. . ...
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