ACCT 4022 – Advanced Accounting Notes Chapter 1: Intercorporate Acquisitions and Investments in Other Entities The Development of Complex Business Structures By expanding into new markets or acquiring other companies already in those markets‚ companies can develop new earnings potential and those in cyclical industries can add greater stability to earnings through diversification. A subsidiary is a corporation that is controlled by another corporation‚ referred to as a parent company. Control
Premium Balance sheet Stock Generally Accepted Accounting Principles
controller. d. chairman of the board. e. chief executive officer. SECTION: 1.1 TOPIC: CONTROLLER TYPE: DEFINITIONS 2. The person generally directly responsible for overseeing the cash and credit functions‚ financial planning‚ and capital expenditures is the: A. treasurer. b. director. c. controller. d. chairman of the board. e. chief operations officer. SECTION: 1.1 TOPIC: TREASURER TYPE: DEFINITIONS 3. The process of identifying projects which will produce positive cash flows is called:
Premium Corporation Types of business entity Limited partnership
ENGINEERING ECONOMY Presented By Dr. Ali Ahsan My Introduction Your Introduction Name GPA Where do you wish to see your self after 10 years? The course design The benefits of the course The course outline Teaching method and requirement from students Yahoo group Photocopier Books Course Material Assignments Quiz Class Participation Presentation Exams Stationery Requirements Calculators Reading Lecture timings Chapter 1 Why Engineering Economy is important to Engineers (and other
Premium Corporation Types of business entity Limited liability company
Part A When a business forms‚ the owner or owners must decide how to classify it. The type of classification will ultimately determine the rules under which the business will operate. Six general types of business entities exist with multiple variations thereof. Each type of business entity has advantages and disadvantages and there is no one type of entity that’s better than another. Business owners must decide how their business should be classified based on their individual and unique needs
Premium Corporation Types of business entity Partnership
commercial hub of the town. The business situs will be located on Baranggay Salvacion‚ Bobon‚ N. Samar. Study Objectives The following are the objectives of this study: * To provide different types of snacks at affordable price to the customers. * To raise income on the course of the business. Scope and Limitation Basically‚ the business is a merchandise type of business. This means that its main product is good of various types in linewith food industry. The business is limited to providing services
Premium Expense Income statement Cash flow
Date: 4/12/14 Subject: Entity Selection Facts: After 20+ years of working for other firms‚ Penelope (enrolled agent‚ age 41)‚ Mark (CPA‚ age 43)‚ and John (CVA‚ age 65) want to leave the firms they are currently employed by and become their own bosses. Penelope specializes in taxes‚ Mark is the auditor‚ and John is a business valuation expert. There are so many options available as to how they can structure the new business. The appropriate business entity for any individual(s) will depend
Premium Corporation Limited liability company Types of business entity
SOLE PROPRIETORSHIP: A business owned by a single person and that person is solely responsible for the debts (unlimited). It’s a business that is simple and easy to set up. LIABILITY: The owner of the business is solely responsible. The owner signs business contracts in their own name. INCOME TAXES: Income earned by the business is the owner’s income. The sole proprietor files at 1040 and schedule C & SE. LONGEVITY/CONTINUITY: The business dies with the owner unless there is a Last Will & Testament
Premium Corporation Types of business entity Partnership
Business activity definition Gainful manufacturing‚ construction‚ trade‚ service (and extraction of minerals) activity Organized Constantly And also professional activity Entrepreneurs: Natural person Entity without corporate status (an unincorporated entity with legal capacity) Legal entity Cooperative Running business in their own name Sole trader Natural person Takes all responsibility for liabilities Is liable with all his assets (no limits) Sole trader Advantages
Premium Partnership Types of business entity Corporation
PROPRIETORSHIP: The owner and the business are considered one. The owner takes all the risk and receives all the profits. It is easy and inexpensive to start up a sole proprietorship however a sole owner has trouble raising capital which could limit growth. • LIABILITY –If the business fails the owner is financially responsible and my lose everything. • INCOME TAXES – The proprietor and the business are taxed together. • LONGEVITY/CONTINUITY – The business dies with the sole proprietor. • CONTROL
Premium Corporation Types of business entity Types of companies
Chapter 15 Entities Overview SOLUTIONS MANUAL Discussion Questions 1. [LO 1] What are the more common legal entities used for operating a business? How are these entities treated similarly and differently for state law purposes? Answer: Corporations‚ limited liability companies (LLCs)‚ general and limited partnerships‚ and sole proprietorships. These entities differ in terms of the formalities that must be observed to create them‚ the legal rights and responsibilities conferred on
Premium Taxation Types of business entity Corporate tax