About this product

1.The document discusses different forms of business organizations including sole proprietorships, partnerships, corporations, and cooperatives. It outlines their key characteristics, advantages, and disadvantages.
2. Accounting is described as the language of business that involves recording financial transactions and interpreting the results to provide useful information to decision-makers. Bookkeeping is the mechanical process of maintaining accounting records while accounting requires interpretation skills.
3. Accounting is considered a profession as it requires specialized education and training, adherence to ethical standards, and a duty to serve the public interest.