Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership , a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company. Requirement-1: To Indicate: The definition, examples or description applicable for each type of business entity.

Question

Activity: Explain and differentiate the different branches of accounting. Financial accounting - Managerial accounting - Cost Accounting - Auditing - Tax Accounting - Fiduciary accounting - Project Accounting - Forensic Accounting - Fund Accounting - Government Accounting - Political Campaign Accounting - International Accounting - 2. Describe the nature of accounting 3. Explain the accounting process: recording classifying summarizing interpreting 4. Differentiate the four forms of business organizations: Sole proprietorship General Partnership Limited liability Company Corporations 5. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 6. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle…

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 32E

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-1:

To Indicate:

The definition, examples or description applicable for each type of business entity.

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-2:

To Indicate:

The advantages and disadvantages for each type of business entity.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Students have asked these similar questions

Activity: Explain and differentiate the different branches of accounting. Financial accounting - Managerial accounting - Cost Accounting - Auditing - Tax Accounting - Fiduciary accounting - Project Accounting - Forensic Accounting - Fund Accounting - Government Accounting - Political Campaign Accounting - International Accounting - 2. Describe the nature of accounting 3. Explain the accounting process: recording classifying summarizing interpreting 4. Differentiate the four forms of business organizations: Sole proprietorship General Partnership Limited liability Company Corporations 5. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 6. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle…

In accounting, an economic entity may be defined as- a. a business enterprise c. an individualb. a division within a business enterprise d. any of these

Listed below are definitions, examples, or descriptions related to business entities.1. Owned by one person2. Can make and sell goods (manufacturing)3. Owned by more than one person4. Can sell goods (merchandising)5. Can provide and sell services6. Legally, a separate entity from theowner(s)7. A law firm owned by some of theemployees who are each liable for thefinancial obligations of the entity8. The Coca-Cola CompanyRequired:1. For each of the three types of business entities (sole proprietorship, partnership, and corporation),select as many of the definitions, examples, or descriptions as apply to that type ofentity.2. CONCEPTUAL CONNECTION Explain the advantages and disadvantages of each type ofbusiness entity.

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 32E

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-1:

To Indicate:

The definition, examples or description applicable for each type of business entity.

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-2:

To Indicate:

The advantages and disadvantages for each type of business entity.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 32E

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-1:

To Indicate:

The definition, examples or description applicable for each type of business entity.

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-2:

To Indicate:

The advantages and disadvantages for each type of business entity.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 32E

To determine