Comparison of three essential types of businesses in Australia: use the following criteria and organize your comparison in a relevant table: Owner/s of businesses Level of difficulty in setting up the business Life the business (limited or unlimited).
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Comparison of three essential types of businesses in Australia: use the following criteria and organize your comparison in a relevant table:
Owner/s of businesses
Level of difficulty in setting up the business
Life the business (limited or unlimited). Liabilities of owners over the business’s debts
Legal status of business
Level of difficulty in mobilizing funds
Level of difficulty in business transfer.
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- Comparison of three essential types of businesses in Australia: use the following criteria andorganize your comparison in a relevant table:1) Liabilities of owners over the business’s debts 2) Legal status of business 3) Level of difficulty in mobilizing funds and Level of difficulty in business transfer.Comparison of three essential types of businesses in Australia using the criteria: Liabilities of owners over the business’s debt Legal status of business Level of difficulty in mobilizing funds Level of difficulty in business transferDiscuss how businesses go public and continue to grow using relevant examples from the Australian financial system
- Research topics on the balance sheet. Why is this financial statement so important to businesses? What part of the balance sheet is the most scrutinized? How do various stakeholders inside the business and outside the business use the information on the balance sheet to help make decisions in regard to a business?Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs. ____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are…I. Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs.____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are interested…
- Using the following categories, discuss the differences that exist between accounting for these items in a personal context versus for a business. Specifically provide examples of the difference in account names or terms used to describe the equivalent item when related to accounting for a business. 1. Assets & LIabilities 2. Net Worth 3. Surplus(deficit)a. define financial accounting and explain its role in business b. how might accounting information differ at different types of businesses (public vs. private companies vs. nonprofits) c. how do GAAP impact how we present financial informationDiscuss how using debt ratios applies to a business.Discuss how using debt ratios applies to your personal finances.What does the P/E ratio or EPS tell you about a companies’ overall financial condition? 4. What industry statistics can a business use for comparison?5. How can they use that information in their business? Please give a specific example.
- Define Accounting and its importance in the field of business.Define owner’s equity and how it is affected by investment, expenses, revenue and drawing? Define double entry system?Based on the historical company financial information and business description is given below answer the following: (a) Identify three key ratios you would use as a guide (and why) to help you determine which business you would prefer to invest in?(b) What further information might you consider or need before making a final investment decision?1. Which of the following was the first private sector entity that set accounting standards in the United States? Accounting Principles BoardCommittee on Accounting ProcedureFinancial Accounting Standards BoardAICPA 2. ) The enhancing qualitative characteristic of understandability means that information should be understood by those who are experts in the interpretation of financial information.those who have a reasonable understanding of business and economic activities.financial analysts.CPAs. 3.) Incurring an expense for advertising on an account would be recorded by debiting liabilities.crediting assets.debiting an expense.debiting assets. 4. When a business makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to accounts payable.supplies.cash.retained earnings. 5. Temporary accounts would not include salaries payable.depreciation expense.supplies expense.cost of goods sold.