Accounting And Business Organizations

Exercise 1-1 The following describe several different chore 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. corp 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 wiztary run, a financial function 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 genius person who owns it. SOLE PROPRIETORSHIP f. BioProducts does not feed income taxes and has one owner. SOLE PROPRIETORSHIP g. Tampa Biz ease ups its own income taxes and has 2 owners. CORPORATION Exercise 1-4 Much of accounting is directed at supporter the information needs of those occasionrs that are external to an organization.

Identify at least three external using uprs of accounting information and display two questions they might seek to answer through their use of accounting information. Lender- 1) Will the union be able to pay back the specie borrowed? 2) Will the go with make sufficient of a profit to pay interest on a loan provided? Shareholders- 1) Will the caller-up be a quick-witted business to invest in? 2) How long will the connection be a good asset to have the money invested into? Employees- 1) Does the company have fair w! ages? 2) Will the company be able to keep employees employed, with promotion opportunities?If you want to dumbfound a full essay, order it on our website: OrderCustomPaper.com

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