Concept Introduction:
Proprietorship: A proprietorship refers to a business model in which an individual and the business entity are one and the same. The individual who runs the business is solely responsible for all the income and losses that the business encounters. The business has no separate legal existence for tax purposes.
Corporation: Corporations are business organizations that are setup by a group of individuals having common goals in adherence with the legal requirements which deem it to be a separate legal entity. The stake holders or share holders are deemed to be the real owners of the company who share the profit or loss. Corporations have a separate legal existence with a name, seal etc for legal and
To write: The attributes of proprietorship, partnership and corporation.

Want to see the full answer?
Check out a sample textbook solution
Chapter 1 Solutions
FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
- I am looking for the correct answer to this general accounting problem using valid accounting standards.arrow_forwardA company has an inventory of 10 units at a cost of $14 each on November 1. On November 3, they purchased 8 units at $17 per unit. On November 10, they purchased 15 units at $18 per unit. On November 14, they sold 28 units. Using the FIFO periodic inventory method, what is the value of the inventory on November 14 after the sale?arrow_forwardWhat is the gross profit?arrow_forward
- The activity rate for order size activity costarrow_forwardQuick answer of this accountingarrow_forwardDuring August, Melody's Boutique spent $1,200 to buy 40 handcrafted jewelry boxes and sold 8 of them for $65 each. How much should Melody record as an expense for August? Options: A. $240 B. $350 C. $600 D. $450arrow_forward
- General accountingarrow_forwardA product cost is composed of the followingarrow_forwardThe standard cost of Product ZX includes 5 hours of direct labor at $16 per hour. The predetermined overhead rate is $28 per direct labor hour. During August, the company incurred 5,300 hours of direct labor at an average rate of $15.75 per hour and $139,400 of manufacturing overhead costs. It produced 1,100 units. Compute the total overhead variance.arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





