Two of your friends, Sony and Ted, are planning on starting a new  business. Knowing you are studying accounting they come to you for advice as to the best business form they should use for their business. They want to be able to raise capital; they also want protection against claims by creditors.  As an accounting student:     What business form would you recommend to Sony and Ted for their business?    Why?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is