Proprietorship: When single person start a business it is sole proprietorship kind of business. This is one of the common form of business organization. In this type of business organization all the decision related to sale, purchase, expenses, distribution of goods and many more business activity are conducted by the owner of sole proprietorship firm. Partnership : When two or more person want to start the same business, they became partners and start partnership firm. The partnership firm follows the rule and promises mention in partnership deed. There is no compulsion to register the partnership firm. Corporation: A corporation is a company or group of company to perform business activity The corporation may be profit making or nonprofit making but most of the attributes are same. A corporation has to be registered under the law of the country. To identify: The given attributes are related to which form of business.

Question

Want to see the full answer?

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 5QS

To determine

Proprietorship:

When single person start a business it is sole proprietorship kind of business. This is one of the common form of business organization. In this type of business organization all the decision related to sale, purchase, expenses, distribution of goods and many more business activity are conducted by the owner of sole proprietorship firm.

Partnership: When two or more person want to start the same business, they became partners and start partnership firm. The partnership firm follows the rule and promises mention in partnership deed. There is no compulsion to register the partnership firm.

Corporation: A corporation is a company or group of company to perform business activity The corporation may be profit making or nonprofit making but most of the attributes are same. A corporation has to be registered under the law of the country.

To identify: The given attributes are related to which form of business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The Great Eastern TableGreat Eastern Table Company produces dining tables in a three-stage process: Sawing, Assembly, and Staining. Costs incurred in the Sawing Department during September are summarized as follows: Working in process inventory sawing. September 1 balance = 0Direct materials = 1,860,000Direct labor = 143,000Manufacturing overhead = 161,500Direct materials (lumber) are added at the beginning of the sawing process, while conversion costs are incurred evenly throughout the process. September activity in the Sawing Department included sawing of 13,000 meters of lumber, which were transferred to the Assembly Department. Also, work began on 2,000 meters of lumber, which on September 30 were 75% of the way through the sawing process.

Black Oil Company is trying to decide whether to lease or buy a new computer-assisted drilling system for its extraction business. Management has already determined that acquisition of the system has a positive NPV. The system costs $9.4 million and qualifies for a 25% CCA rate. The equipment will have a $975,000 salvage value in five years. Black Oil’s tax rate is 36%, and the firm can borrow at 9%. Cape Town Company has offered to lease the drilling equipment to Black Oil for payments of $2.15 million per year. Cape Town’s policy is to require its lessees to make payments at the start of the year. Suppose it is estimated that the equipment will have no savage value at the end of the lease. What is the maximum lease payment acceptable to Black Oil now?

I need help with this general accounting question using the proper accounting approach.

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 5QS

To determine

Proprietorship:

When single person start a business it is sole proprietorship kind of business. This is one of the common form of business organization. In this type of business organization all the decision related to sale, purchase, expenses, distribution of goods and many more business activity are conducted by the owner of sole proprietorship firm.

Partnership: When two or more person want to start the same business, they became partners and start partnership firm. The partnership firm follows the rule and promises mention in partnership deed. There is no compulsion to register the partnership firm.

Corporation: A corporation is a company or group of company to perform business activity The corporation may be profit making or nonprofit making but most of the attributes are same. A corporation has to be registered under the law of the country.

To identify: The given attributes are related to which form of business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See 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 5QS

To determine

Proprietorship:

When single person start a business it is sole proprietorship kind of business. This is one of the common form of business organization. In this type of business organization all the decision related to sale, purchase, expenses, distribution of goods and many more business activity are conducted by the owner of sole proprietorship firm.

Partnership: When two or more person want to start the same business, they became partners and start partnership firm. The partnership firm follows the rule and promises mention in partnership deed. There is no compulsion to register the partnership firm.

Corporation: A corporation is a company or group of company to perform business activity The corporation may be profit making or nonprofit making but most of the attributes are same. A corporation has to be registered under the law of the country.

To identify: The given attributes are related to which form of business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See 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 5QS

To determine