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

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.

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