5. The Corporation is a multi-person organization using its capital to establish a business using shares. It is a legal entity that has its own entity and is registered in the state. There are two classifications for-profit and non-profit. 6. Non-profit means that the profits are redistributed in capitalizable improvements for the entity and are public or private entities at the service of the community (eg, churches, colleges, universities, foundations). 7. An individual business is a person with a small capital who establishes a business of goods and services with a profit interest. 8. GAAP are pronouncements that govern the conceptual framework of financial statements. 9. The Pronouncements that regulate the profession of the AICPA are FASB- Financial Accounting Standard Boards and GAAP - Generally Accepted Accounting Principles. 10. The regulatory entities of the accounting profession are: College of Certified Public Accountants, Internal Revenue Services, Security Exchange Commissions (SEC), the Executive Branch, and the United States Senate