FINANCIAL ACCOUNTING W/ACCESS >CI<
2nd Edition
ISBN: 9781259999024
Author: SPICELAND
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 9RQ
1.
To determine
Business Organizations
Business organizations are individuals or group of individuals formed together to carry out sale and purchase of goods and services with the aim of earning profits, maximizing wealth and to achieve other organizational objectives.
To identify: The three major legal forms of business organizations.
2.
To determine
Corporation: It is an organization which is a separate legal entity from its owners. It has a perpetual succession and holds a limited liability. In a corporation, each individual holds a certain percentage of ownership which is termed as share/stock, collectively known as share capital or
To identify: The most chosen largest form of business companies.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Discuss the three major legal forms of business organisation available to businesses together with their respective advantages and disadvantages.
Which one of the following is covered by the Commercial company law of Oman?
a.
Municipalities
b.
Joint-stock companies
c.
Non-profit organizations
d.
Social service organizations
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…
Chapter 1 Solutions
FINANCIAL ACCOUNTING W/ACCESS >CI<
Ch. 1 - Explain what it means to say that an accounting...Ch. 1 - Identify some of the people interested in making...Ch. 1 - What is the basic difference between financial...Ch. 1 - What are the two primary functions of financial...Ch. 1 - What are line three basic business activities that...Ch. 1 - Prob. 6RQCh. 1 - What are a few of the typical investing activities...Ch. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Provide the basic definition for each of the...
Ch. 1 - Prob. 11RQCh. 1 - What are the four primary financial statements?...Ch. 1 - What does it mean to say that the income...Ch. 1 - Prob. 14RQCh. 1 - What is the accounting equation? Which financial...Ch. 1 - Prob. 16RQCh. 1 - The retained earnings account is a link between...Ch. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - Prob. 23RQCh. 1 - Prob. 24RQCh. 1 - Prob. 25RQCh. 1 - What are the three primary objectives of financial...Ch. 1 - Prob. 27RQCh. 1 - Prob. 28RQCh. 1 - Prob. 29RQCh. 1 - What is meant by the term cost effectiveness in...Ch. 1 - Prob. 31RQCh. 1 - Prob. 1.1BECh. 1 - Match each business activity with its description....Ch. 1 - Prob. 1.3BECh. 1 - Match each account type with its description....Ch. 1 - For each transaction, indicate whether each...Ch. 1 - For each transaction, indicate whether each...Ch. 1 - Describe each financial statement (LO13) Match...Ch. 1 - Determine the location of items in financial...Ch. 1 - Prob. 1.9BECh. 1 - Indicate which of the following are objectives of...Ch. 1 - Prob. 1.11BECh. 1 - Prob. 1.12BECh. 1 - Prob. 1.13BECh. 1 - The following provides a list of transactions and...Ch. 1 - Falcon Incorporated has the following transactions...Ch. 1 - Prob. 1.3ECh. 1 - Eagle Corp. operates magnetic resonance imaging...Ch. 1 - Prob. 1.5ECh. 1 - Below are the account balances for Cowboy Law Firm...Ch. 1 - At the beginning of the year (January 1), Buffalo...Ch. 1 - Wolfpack Construction has the following account...Ch. 1 - Tiger Trade has the following cash transactions...Ch. 1 - Prob. 1.10ECh. 1 - At the beginning of 2018, Artichoke Academy...Ch. 1 - Squirrel Tree Services reports the following...Ch. 1 - Prob. 1.13ECh. 1 - During its first five years of operations, Red...Ch. 1 - Below are approximate amounts related to retained...Ch. 1 - Below are approximate amounts related to balance...Ch. 1 - Below are approximate amounts related to cash flow...Ch. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - A Below are typical transactions for...Ch. 1 - Account classifications include assets,...Ch. 1 - Longhorn Corporation provides low-cost food...Ch. 1 - Below are-incomplete financial statements for...Ch. 1 - Cornhusker Company provides the following...Ch. 1 - Prob. 1.6APCh. 1 - Listed below are nine terms and definitions...Ch. 1 - Below are typical transactions for Caterpillar...Ch. 1 - Prob. 1.2BPCh. 1 - Prob. 1.3BPCh. 1 - Prob. 1.4BPCh. 1 - Tar Heel Corporation provides the following...Ch. 1 - Prob. 1.6BPCh. 1 - Prob. 1.7BPCh. 1 - Great Adventures (The Great Adventures problem...Ch. 1 - Financial Analysis American Eagle Outfitters, Inc....Ch. 1 - The Buckle, Inc. Financial Analysis Financial...Ch. 1 - Prob. 1.4APCACh. 1 - Prob. 1.5APECh. 1 - Prob. 1.7APWC
Knowledge Booster
Similar questions
- Identify the different forms of companies which may be formed in the Sultanate of Oman. Explain the role of the Ministry of Commerce in the business sector.arrow_forwardWhat are the five advantages of corporate of the corporate form of business organization?arrow_forwardWhat is a business owned by one individual called and the easiest legal form of business to organize that we are studying in this course? Group of answer choices limited liability company partnership sole proprietorship corporationarrow_forward
- What are the key characteristics of a corporation? What are some of the advantages and disadvantages of this form of business organization?arrow_forwardWhich of the following is not one of the three forms of business organization? Corporations. Partnerships. Proprietorships. Investorsarrow_forwardFor which of the following types of companies is IFRS for SMEs intended?a. Private companies.b. Publicly traded companies.c. Multinational corporations.d. Foreign companies.arrow_forward
- for this assignment, you will need to do your research about the structure of business in Canada and the impact each structure would have on a business, regarding liabilities, shareholders, rights & obligations, and the main differences between them.arrow_forwardDiscuss the different types of business structures and compare and contrast these different structures (Corporate, Sole Proprietorship, Limited Liability),arrow_forwardChoose the correct.For which of the following types of companies is IFRS for SMEs intended?a. Private companies.b. Publicly traded companies.c. Multinational corporations.d. Foreign companies.arrow_forward
- 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?arrow_forwardWhat are the two main sets of standards acceptable under Generally Accepted Accounting Principles (GAAP) in Canada? Which one would you use as a small business? Why?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Intermediate Financial Management (MindTap Course...FinanceISBN:9781337395083Author:Eugene F. Brigham, Phillip R. DavesPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Intermediate Financial Management (MindTap Course...
Finance
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,