SLO-1.3. The business entity concept means that OThe owner is part of the business entity. OAn entity is organized according to state or federal statues. OAn entity is organized according to set by FASB. ●The entity is an individual economic unit for which data are recorded, analyzed, and reported.
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- The economic entity assumption requires that the activities Select one: a. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. b.of an entity be kept separate from the activities of its owner. c. of different entities can be combined if all the entities are corporations. d.must be reported to the Securities and Exchange Commission.Which of the following best indicates that two parties are related for purposes of PAS 24? The parties are a parent and a subsidiary One party is larger than the other. One party has the ability to affect the financial and operating decisions of the other party through control, significant influence or joint control One party is in the private sector and the other is a government regulatory body.What types of internal and external accounting reports will you use in the process of making decisions? How will the reports differ for a multi-national corporation?
- Refer to Chapter 11-1A, page 619: Characteristics of sole proprietorships, partnerships, and corporations Required The three primary types of business organization are proprietorship, partnership, and corporation. Each type has characteristics that distinguish it from the other types. In the left column of the following table write the name of the type of business organization that is most likely to possess the characteristic that is described in the right column of the table. The first item is shown as an example. Business Type Characteristic Proprietorship Owned and operated by a single individual Subject to double taxation Has a retained earnings account on its balance sheet One owner may be held personally liable for actions taken on behalf of the business by different owner Profits benefit a single individual Frequently uses legal agreements to define profit distribution for two or more owners Most highly regulated form of business The business dissolves with the death of its only…US generally accepted accounting principles are currently developed by which entity? C . Th e Public Company Accounting Oversight Board.In accounting, an economic entity may be defined as- a. a business enterprise c. an individualb. a division within a business enterprise d. any of these
- Explain what the separate entity assumption means whenit says a business is treated as separate from its owners foraccounting purposesDescribe the differences between a Subchapter S corporation and a Subchapter C corporation.Identify if statements are true for the corporate form of organization. It is a separate legal entity.
- TRUE or FALSE An accounting entity is an organization or section of an organization that stands apart from other organizations and individuals as a separate economic unit. This is called entity concept.Explain each of the following Institutional Sectors of the SNA. i)Non-Financial Corporations Sector ii)Financial Corporations Sector iii)General Government Sector iv)Non-profit institutions serving Households Sector v)Households sector- (including incorporated enterprise within households)A primary distinction between the flow of resources through a business enterprise and through a governmental entity is that operations in a governmental entity consume resources and assets to a. produce goods and services to citizens entitled to receive them b. generate return on investment. c. generate net income. d. generate capital for future investments.