Accounting And Business Organizations

Exercise 1-1 The following describe several different task organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation. a. self-command of Spirit Company is divided into 1,000 shares of stock. federation b. Delta is giveed by Sarah Gomez, who is in person liable for the debts of the business. SOLE PROPRIETORSHIP c. Jo subgenus Chen and Al Fitch own pecuniary function, a financial serve provider. Neither Chen nor Fitch has personal responsibility for the debts of Financial Services. CORPORATION d. Sung Kwon and rude Heflin own Get-It-There, a courier service. Both are personally liable for the debts of the business. PARTNERSHIP e. XLT Services does non have separate wakeless existence apart from the 1 person who owns it. SOLE PROPRIETORSHIP f. BioProducts does not feed income taxes and has iodin owner. SOLE PROPRIETORSHIP g. Tampa Biz compensates its own income taxes and has 2 owners. CORPORATION E xercise 1-4 Much of accounting is directed at service of process the information needs of those occasionrs that are external to an organization.

Identify at least three external wasting diseasers of accounting information and shew two questions they might seek to answer through their use of accounting information. Lender- 1) Will the union be able to pay back the bullion borrowed? 2) Will the go with make full-of-the-moon of a profit to pay interest on a loan provided? Shareholders- 1) Will the political party be a well-grounded business to invest in? 2) How long will the guild be a good asset to have the money invested into? Employees-! 1) Does the company have fair wages? 2) Will the company be able to keep employees employed, with promotion opportunities?If you want to stick a full essay, order it on our website: OrderCustomPaper.com

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