Faculty of Business Studies BE-210 TMA-1 DUE DATE 26th December Part A: Essay Questions (25) 1. Define accounting. Accounting is the information system that measures business activity‚ progress the data into reports and communicates the results to decision makers. And accounting is the language of business. The better you understand the language of business the better you can manage your own business. For example‚ how will you decide whether or not to borrow money? You
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means to restructure their obligations and continue the business can choose. In chapter 7 a trustee is appointed‚ available assets are sold‚ and creditors are paid to the extent funds are available. This option is only available for partnerships‚ limited liability companies‚ and corporations. Small businesses with sole proprietorships can also file for chapter 7 but it depends on their income. Another
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entity is a Limited Liability Company. The following papertwo different types of LLC and how they are formed. It will also touch base on several forms of business entities and the advantage and disadvantages of them. There are several types of Limited Liability Companies (LLC) but to understand the differences between them an LLC needs to be defined. “An LLC is an unincorporated business entity that combines the most favorable attributes of general partnerships‚ limited partnerships‚ and corporations”
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BY VERNELL BECKUM AIU 01/08/2011 Brief of Scenario Regarding the scenario the best way to go in that situation will be a partnership. The reason for that being‚ it cause he has little financial skills and management skills. From what I know regarding starting a business. If you do not have the skills or do not know much about the process‚ then you will need help starting and running the business. Everyone has their own way to of doing things so that decision it really you to you. Just make
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when one chooses to start a business is knowing the type of legal organizations to select because the decision affects many aspects of the business. What can be affected are the amount and type of paperwork required‚ tax payments‚ possible personal liability one may face‚ the ability to borrow money‚ legal obligations‚ and the business laws that have to be followed. Financial Accounting is a course that introduces basic concepts and methods of corporate financial statements that are most commonly used
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Chapter 1 An Overview of Financial Management Learning Objectives After reading this chapter‚ students should be able to: ◆ Explain the role of finance‚ and the different types of jobs in finance. ◆ Identify the advantages and disadvantages of different forms of business organization. ◆ Explain the links between stock price‚ intrinsic value‚ and executive compensation. ◆ Discuss the importance of business ethics and the consequences of unethical behavior. ◆ Identify
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corporation‚ an S corporation‚ a limited liability company‚ a limited partnership‚ or a general partnership. “A general partnership‚ the liability of each partner for partnership debts is unlimited. Thus‚ these partners are at risk for more than the amount of their capital investment in the partnership.” In fact‚ one of the original investors‚ Mike wants to become a passive investor in CTC and does not liable for all partnership debts. The choice of a general partnership entity is not suggested to CTC
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Finance Web Search #1 1. What is finance? Finance is the management of banks for example the interest rates on a particular loan. It includes the management of investments such as the distribution of dividends. Finance also includes but is not limited to‚ the management of money for example the inflation and deflation of currency. Information used from: http://education.yahoo.com/reference/dictionary/entry/finance 2. What is a market? Name five types of markets in which you participate.
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29. Introduction 30. The decision of the House of Lords in Salomon v Salomon & Co Ltd [1] evinces the accuracy of Gooley’s observation that the separate legal entity doctrine was a "two-edged sword".[2] At a general level‚ it was a good decision. By establishing that corporations are separate legal entities‚ Salomon’s case endowed the company with all the requisite attributes with which to become the powerhouse of capitalism. At a particular level‚ however‚ it was a bad decision. By extending the
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appropriate business type‚ one must carefully consider the following: taxes‚ liability‚ administrative burdens‚ start-up and long term costs‚ legal implications‚ accounting‚ public reporting‚ a business partner’s agenda‚ the best method to reach financial goals‚ as well as considering the different types of financial statements associated with each form. The four basic forms of a business are sole proprietorships‚ partnerships‚ c corporations and s corporations. Each of these forms has distinct advantages
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