Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

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You are to interview a local business owner. (This can be a friend or relative.) Opening lines of communication with members of the business community can provide personal benefits of business networking. If you do not know the owner, you should call ahead to introduce yourself and explain your position as a student and your assignment requirements. You should request a 30-minute appointment for a face-to-face or phone interview to discuss the form of organization and operations of the business. Be prepared to make a good impression. Determine and explain why the owner(s) chose this particular form of organization.

You are to interview a local business owner. (This can be a friend or relative.) Opening lines ofcommunication with members of the business community can provide personal benefits of business networking.If you do not know the owner, you should call ahead to introduce yourself and explain yourposition as a student and your assignment requirements. You should request a 30-minute appointment fora face-to-face or phone interview to discuss the form of organization and operations of the business. Beprepared to make a good impression. Identify and describe the main operating activities and the form of organization for this business.

Description and Instructions Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The problem to be resolved: The following trial balance was extracted from the books of Scholes Farm Ltd December 31, the end of the company’s financial year. The company is owned by Paul Scholes and is in the business of buying and farming…

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Answer 6

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Answer 7

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Answer 8

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Answer 9

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Answer 10

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Answer 11

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ Ch. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQ Ch. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

Solution Summary: The author explains that a Sole Proprietorship Firm is the simplest form of business which is handled and managed by one person.

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

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Chapter 1 Solutions

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

Solution Summary: The author explains that a Sole Proprietorship Firm is the simplest form of business which is handled and managed by one person.

Concept Introduction: Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

Want to see the full answer?

Chapter 1 Solutions

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.