College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 1, Problem 1MYW
To determine
Write a memo describing the type of business that is enjoyed most and also explain which form of ownership is preferred and the reason for selecting the particular form of ownership.
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They are going to start a manufacturing company and need help deciding what entity type to choose to conduct business. Discuss the pros and cons of each business entity type and make a recommendation to client.
Based on your understanding on different forms of business organizations, which form of business would you organize once you want to start a business? Explain why did you choose it among others.
Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
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College Accounting, Chapters 1-27
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