Accounting Today Computers have revolutionized accounting in the late twentieth century. Tasks that are time consuming when done by hand are handled quickly andeasily by computer. Computer programs today also assist with the financial applications of accounting and make decision making easier. A proprietorship has a single owner who is generally also the manager. These organizations tend to be small retail establishments or individual professional businesses.
Partnerships join two or more people together as owners.
Most partnerships are small or medium-sized, but some are huge, exceeding 2,000 partners. A corporation is a business owned by stockholders, people who own shares in the business. A business becomes a corporation when the state approves its articles of incorporation. From a legal standpoint, corporations differ significantly from proprietorships and partnerships, both of which are legally obligated for the business's debt. Accountants deal with the subtleties and complexities of financial recording for business of all sizes.