Intro to Business

What do managers do?

Providing focus and directions to others, motivating them to achieve organizational goals

• Planning

• Organizing

• Controlling

• Directing

Who uses Financial Accounting Info

What is Generally Accepted Accounting Principles

Income statement:

Expenses are divided into 2 Categories

what is gross profit(or gross margin)

What is net income (or profit)

the debts a company owes to outside individuals or organizations

• liabilities

• owner’s equity

• Assets

• Operating expenses

The Accounting Equation