The business entity concept holds that a business is a separate entity from its owner or owners, whatever the legal position of the enterprise may be. A business could take several forms, i.e. partnership, sole trader or corporation. These types of business have a certain legal status. For example, sole traders do not have a separate legal status, whereas a corporation has a separate legal status from the owner. That makes the corporation a separate legal entity.
The business entity concept is a principle that applies to all types of organisation. It is so fundamental, that it is one premise for the accounting equation: Assets = Capital + Liabilities. Recall that capital represents the owners' financial input in the business. It is what the business owes to the business owner, in addition to liabilities from external sources (lenders or suppliers, for example).
The business entity concept is also central to the preparation of financial statements. It, along with key accounting assumptions, governs the preparation of statements of financial position and income statements. One primary aspect of this assumption is that it governs the treatment of transactions by owners, even if the transactions are for personal purposes, as in the example of the sole trader.
Sole traders have one legal identity, that is, the sole trader is the same entity as the business. As a result, the sole trader has unlimited liability. However, the business entity concept has implications for the sole trader. The trader cannot treat business funds as his own piggy bank because of this principle.
If the owner (sole trader) deposits or withdraws money from the business, it is a separate from transaction from his personal account. For example, if the owner withdraws money from the business account for personal use, it is recorded as drawings. Any injection or reinvestment of profits would be regarded as capital in the accounting context.
Although profit is healthy for a business, from the business point of view it is viewed as a liability when establishing the financial position of a business. This is because of the enforcement of the business entity concept. Based on this, profit is business' obligation to business owners. It is not a matter of course that profit could be used for reinvestment, especially when there are multiple owners (investors).

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When making a career decision that will affect the rest of your life, especially in regard to your education, there are a few professions that are as rigorous as that of accounting. Choosing schools for accounting degrees can be very difficult unless you know what to look for. Here are a few tips on how to pick the right accounting school for you based upon cost, location, and reputation.
Accounting schools are very specified school systems which help you become adept at the profession of accounting. If you are not good at numbers, or math was not your best subject in school, you need not apply. Some people are numbers deficient in some ways which would make accounting a complete nightmare for them to do on a regular basis.
Choosing the right school has a lot to do with what you can afford. However, the cost of the school may also have to do with the reputation that the schoolhouse which may indirectly need you to a better or worse job depending upon the school of your choice. Like politics, schools come with certain clout and therefore choose wisely which school you will call your own especially when thinking about your future.
If you live in a small community, however, the type of accounting school that you choose will not have much of an impact on whether or not you are able to open a business. Location is everything and if you intend to merge your self with a large accounting firm, paying the high price for reputable schooling from a recognized accounting school is probably the best investment that you can make.
Not all accounting schools are created equal. For instance, if you intend on going into business for yourself, the school you should look at is the one that appeals to you as a person regardless of its reputation. However, if you intend to impress potential employers, having a school of great authority and reputation on your resume can make or break your ability to land the job that you are seeking.
No matter what your goals are, if you are good at math, and you are at the very least competent enough to balance your checkbook, then you should probably go for this type of career. There are many paths in life that you can take, and if the numbers are a part of you that comes very easily, then you should probably go for a profession that deals in numbers and start looking right now at schools for accounting degrees.

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Accountancy is used to communicate financial information on businesses and other users such as managers and shareholders. This type of information is usually in the form of financial statements. These financial statements will display in money terms the economic resources which are under the control of the management.
Accountancy is a branch of mathematical science, and is extremely useful when uncovering the causes of any failure and success in business. There are three divisions of accountancy that are applied to businesses and these are book-keeping auditing and accounting.
The AICPA (American Institute of Certified Public Accountants) has defined accounting as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."
It was shown that people from that time would use various accounting methods to record their number of herds and the growth of their crops. Since then accounting has evolved, and over the years accounting has improved immensely as businesses advanced.
Many early accounts were mainly to enable the memory of the businessperson and the audience for the account was the record keeper and the proprietor alone. There were many crude methods of accounting which proved inadequate for the problems which were created by a business entity that involved multiple investors. To address these problems, double-entry book-keeping emerged in northern Italy in the 14th century, at a time when trading ventures started to require more capital than a single individual could invest.
Accounting today is known as "the language of business "as it has become the vehicle for relaying financial information about a business entity to many different groups of people.
Management accounting is used to focus on people inside a business entity, and is employed to provide information to auditors, owner-managers, managers, and employees. Primarily it is concerned with providing a basis for making operating or management decisions.
Financial accounting provides information to people outside the business entity such as creditors, potential shareholders, financial analysts government agencies, and banks or vendors. The presentation of financial accounts is very structured owing to the different needs and requirements of these different users, and also governed by many more rules than management accounting.

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The business equation (BE) in accounting is a concept that is separate from the accounting equation, although the two have a link between them. The business equation is:
Profit (Loss) = Movement in assets - Capital introduced +Drawings
This is based on elements that affect the accounting equation (Assets = Capital + Liabilities)but is a distinct equation
For simplicity, the BE is represented as P = I + D - C, where P is profit; I is the increase in net assets; D is drawings/withdrawals and C represents capital introduced. The term "movement of assets" indicates that there can be a net increase or net decrease in assets of the business over the period. To determine this, the business' opening and closing asset positions must be known.
The difference between the business equation and accounting equation is the former denotes the changes that occur in capital during the period. Profit (loss), capital introduced, drawings are associated with capital (liability to the owner or owners). The movement of net assets corresponds with the difference in net assets at the start and end of the trading period. Recall that Assets - Liabilities = Net assets.
The purpose of the business equation is to calculate profit where no records of daily transactions are available. However, once the profit (loss) and two other variables are known, the business equation can be quite useful in calculating the other variables in the formula. Therefore:
a) Movement in assets = Profit (loss) + Capital introduced - Drawings
b) Capital introduced = Profit (loss) - Movement in assets - Drawings
c) Drawings = Profit (loss) - Movement of assets + Capital introduced
Instead of remembering all of the formulae, you merely have to transpose the rest of the business equation to make the unknown variable the subject of the formula.
For example, assume that, in one period, a business lost $10,000.00 and experienced a net decrease in assets of $100,000.00. During the period, the owner withdrew $5000.00 from the business.
The missing variable is the capital introduced. By substituting the known variables into the business equation, we get:
Capital introduced = (-$50000.00) - (-$100,000.00) - $5000.00 = (-$55,000.00) + $100,000.00
Therefore, the owner introduced capital to the tune of $45,000.00 during the trading period.

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The major in Integrated Social Sciences (ISS) aims to give a broad, multidimensional understanding of modern societies and states. To this end, it integrates elements of the disciplines of political science, sociology, mass communication and economics which have separated during the development of science. Its thematic focus is on the fabric which holds societies together or divides them, on national and international economic relations and on the mechanisms and outcomes of effective and democratic governance under the conditions of denationalization.

The program entails a wide range of social science topics including the analysis of social, economic and political systems, the internationalisation of governance and the nation state, citizen beliefs, socio-political attitudes and citizen action, as well as information, communication and knowledge societies. With a strong methods component, it prepares students to understand and carry out pertinent research strategies.

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What makes the ISS program special in comparison to other majors?

Most majors in this field cover only the single disciplines such as sociology or political science, or just subfields such as International Relations. These isolated disciplines often deal with the same issues from different perspectives without seeing their interconnections. This is what ISS tries to overcome. Most notably, it includes a strong mass communication component because systems of mass communication are crucial to the functioning of societies and governance but are hardly seen from such a comprehensive perspective.

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