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Chapter 1
Accounting and Business
McGrawHill/Irwin Copyright © 2011 by The McGrawHill Companies, Inc. All rights reserved.
What are the Basic Functions of Business?
• Marketing
Products, pricing, promotion, distribution • Human resources
Jobs, people, salaries, benefits • Production and operations
Planning, directing, controlling, evaluating • Finance
Capital maintenance
• Accounting and information systems Information infrastructure
1-2
How do the Functions Use Accounting Information?
• Marketing
Pricing, distribution costs • Human resources
Pay and fringe benefits, hiring costs • Production and operations
Production costs—actual and budgeted • Finance
Cost of borrowing, benefits expected
1-3
How has Business Evolved?
• Sole proprietorship • Merchandising
One owner Buy and sell products • Partnership • Service
Two or more owners Provide service • Corporation • Manufacturing
Many owners Make and sell products
1-4
How has Accounting Evolved?
• Determination of wealth What am I worth today
• Determination of income
How has my wealth changed • On-going success
How is the business doing
1-5
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