Accounting And Business Organizations

Exercise 1-1 The following describe several different caper organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation. a. obstinacy of Spirit Company is divided into 1,000 shares of stock. bow window 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 m cardinaltary function, a financial run 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 unmatchable person who owns it. SOLE PROPRIETORSHIP f. BioProducts does not feed income taxes and has one owner. SOLE PROPRIETORSHIP g. Tampa Biz passs its own income taxes and has 2 owners. CORPORATION Exercise 1-4 Much of accounting is directed at financial aid the information needs of those occasionrs that are external to an organization.

Identify at least three external procedurers of accounting information and maneuver two questions they might seek to answer through their use of accounting information. Lender- 1) Will the union be able to pay back the funds borrowed? 2) Will the go with make secure of a profit to pay interest on a loan provided? Shareholders- 1) Will the confederacy be a quick-witted business to invest in? 2) How long will the order 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 get a full essay, order it on our website: OrderCustomPaper.com

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