accounting
...fied as a corporation, which is the one we call “big-time” business. Corporation is a business organization with at least 5 members, known as stockholders or shareholders. It has a specific tenure (50 years at least), and its ownership is transferable, which means it allows the merging, and selling of the corporation. Before a corporation is formed or established, it needs to pass a lot of legal formalities and, not to mention, a lot of money to be spent on capital. But with the proper and efficient management of the corporation (accounting’s importance being considered here), like my example, Colgate-Palmolive Incorporated, it can eventually recover from its initial expenditures, and achieve its goals (i.e. targeted income). The other forms of business organization are Sole Proprietorship, Partnership, and Cooperative. Another classification of Colgate-Palmolive Incorporated is according to its purpose, which is manufacturing. What then is manufacturing? Manufacturing businesses engage in making use of natural products. They buy raw materials and then convert them into another form of product/s. As for Colgate-Palmolive, they use handpicked raw materials that are essential to the manufacturing of their distinctive products (basically toothpaste, and shampoo). The other forms of business organization according to their nature and purpose are service activity and merchandizing. In a dog-eat-dog world, where competition is the name of the game, there i...