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Accounting 10 Chapter 1 Notes

Accounting 10 Chapter 1 Notes. Types of Business Forms of Ownership. Types of Business. Service Business -A service business sells a service to the public; it does not make or sell a product as its main activity. Examples: Video Rental Outlet Accounting Firm Movie Theatre Hair Salon

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Accounting 10 Chapter 1 Notes

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  1. Accounting 10Chapter 1 Notes Types of Business Forms of Ownership

  2. Types of Business • Service Business -A service business sells a service to the public; it does not make or sell a product as its main activity. Examples: Video Rental Outlet Accounting Firm Movie Theatre Hair Salon Catering Company

  3. Merchandising Business -A merchandising business buys goods and resells them at a higher price for a profit. Examples: Car Dealership Clothing Store Music Store Sports Store Grocery Store

  4. Manufacturing Business -A manufacturing business buys raw materials, converts them into a new product, and sells these products to earn a profit. Examples: Computer Manufacturer Car Manufacturer Farm Equipment Manufacturer Food-Processing Company

  5. Non-Profit Organizations - A non-profit organization may carry on activities to meet social needs and not for a financial profit. Examples: Charities Churches Amateur Sports Organizations

  6. Forms of Business Ownership • Sole Proprietorship - The owner is the sole proprietor. They are in business for themselves. Examples: Dr. Joe Dimitry, Dentist Rosa’s Pizza Alf’s Home Bakery Rustic Pottery – Miriam Daily, Owner

  7. Partnership - A business involving more than one owner. Examples: McPhearson & Scott, Chartered Accountants Bucchino & Magalli, Barristers and Solicitors Hakala and Sons Service Centre Café Crème – Solange Dion and Alex Boucher, Owners

  8. Limited Company - a form of business owned by shareholders (also known as a corporation). Examples: Pool People Ltd. Uni Electrical and Mechanical Ltd. Gunn’s Auto Servie Ltd. Building Resources Ltd., Construction Consultants

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