Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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When we look at GAAP are corporations required by GAAP to have an accrual or cash basis of accounting?
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- Chelsea Company is a sole proprietorship. Ashley, Incorporated is a corporation. Which company would report stockholders equity and retained earnings and not simply owners equity? Why? What is the difference between these accounts?arrow_forwardWhen corporations issue stock in exchange for professional services, what account(s) should be debited and what account(s) should be credited?arrow_forwardWhich activities changes equity but does not affect a corporation's assets and liabilities?arrow_forward
- Distinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.arrow_forwardWhether a corporation adopts IFRS or ASPE accounting rules affects the accounting cycle. True \sFalsearrow_forwardWhat is an owner of a corporation called? What is the difference between a closed corporation and an open corporation?arrow_forward
- What role does a corporation audited financial statements Play in determining it's taxable income?arrow_forwardExplain common forms of business ownership—soleproprietorship, partnership, and corporation—and demonstrate how they differ in terms of their pre-sentation in the statement of financial position.arrow_forwardWhat 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_forward
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