Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company. Requirement-1: To Indicate: The definition, examples or description applicable for each type of business entity.

Question

1. When did the business call accountable?1. Business Activities are accountable when they are called business Transactions and events when they affect the assets, liabilities and owner's equity2. Accounting elements of Accounting values are classified into two categories namely external Transactions and internal Transactions.3.External Transactions involves exchanges of economic resources by a business enterprise with another business enterprise ex.selling of services, and commodities to customers,payment of accounts to suppliers, payment of store or office rents etc.4. Internal Transactions are Transactions or events that happened or take place within the business enterprise only . Ex. conversion of raw materials into finished product, unanticipated loss from fire and food, or any calamities affecting enterprise. A. 1-2 onlyB. 1-2-3C. 1-2-3-4D. 3-4

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Chapter 1, Problem 32E

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-1:

To Indicate:

The definition, examples or description applicable for each type of business entity.

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

Requirement-2:

To Indicate:

The advantages and disadvantages for each type of business entity.

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1. When did the business call accountable?1. Business Activities are accountable when they are called business Transactions and events when they affect the assets, liabilities and owner's equity2. Accounting elements of Accounting values are classified into two categories namely external Transactions and internal Transactions.3.External Transactions involves exchanges of economic resources by a business enterprise with another business enterprise ex.selling of services, and commodities to customers,payment of accounts to suppliers, payment of store or office rents etc.4. Internal Transactions are Transactions or events that happened or take place within the business enterprise only . Ex. conversion of raw materials into finished product, unanticipated loss from fire and food, or any calamities affecting enterprise. A. 1-2 onlyB. 1-2-3C. 1-2-3-4D. 3-4

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