Transcription of Chapter 1 The Role of Accounting in Business
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Chapter 1 The Role of Accounting in Business
Chapter 1 The Role of Accounting in BusinessTHELAW OFNAVIGATION Anyone can steer the ship, but ittakes a leader to chart the course. The 21 Irrefutable Laws of LeadershipDr. John C. MaxwellLearning Goals1 Describe the types and forms of businesses, Business strategies, valuechains, and the three Business activitiesof financing, investing, and Accounting and its role and illustrate the basic financial statements and how eight basic Accounting con-cepts underlying financial and illustrate how horizontalanalysis can be used to analyze andevaluate a company s Foods CorporationFor Milton Hershey, the founder of Hershey Foods Corporation, the ability to overcomefailure and to try, try again was a key to success. His first encounter with failure cameat the age of eighteen when a small candy shop he opened in Philadelphia failed after sixyears. His next two attempts at the candy-making Business also failed first in Chicagoand then in New York. After the New York failure, he returned to Lancaster, Pennsylva-nia, where once again he tried his luck in the candy Business by establishing the Lan-caster Caramel 1893, Hershey attended the Chicago International Exposition, where he became fas-cinated with German chocolate-making machinery.
Wal-Mart and Southwest Air-lines are examples of businesses with a low-cost strategy. Such businesses often sell no-frills, standardized products to the most typical customer in the industry. Following this strategy, businesses must continually focus on lowering costs. Businesses may try to achieve lower costs in a variety of ways. For example ...
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