CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation, company law, stock exchange legislation and EU Directives. • How the different aspects of regulation work together
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ISSUES IN SELECTING A BUSINESS FORM Entrepreneur: Someone who initiates and assumes the financial risk of a new enterprise. One or more entrepreneurs setting out to start a business should consider the following four factors when deciding what form of business to organize: (1) ease and expense of creation, (2) liability of the owner(s) for obligations of the entity, (3) tax considerations, and (4) the need and ability to raise capital. TRADITIONAL BUSINESS FORMS Sole Proprietorship:
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Business Entities, Laws and Regulations Business Entities, Laws and Regulations When starting a business it is important that to check into the business entities, licensing, state laws, and all other necessary regulations in order to start the business. In this paper it will show the importance of the control mechanism, taxation, liability issues, and the risk issues that must be taken into consideration. In following scenarios the discussions will cover elements from above, and discuss employment
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to reward our shareholders. LSI is committed to accept and implement social responsibility to our stakeholders. We will dutifully research our suppliers and venders to make sure they observe and implement high humanitarian standards. Child labors laws will be closely monitored. LSI will provide assistance to under developed countries to improve their living conditions. The assistance will help develop individual citizens and its government. Examples of assistance include but are not limited
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and Regulation Paper 2 Business Entity Laws and Regulation Businesses require some research on licensing, state laws and regulations in order to get started. It also requires looking into the business entities, taking control, taxation, and taking liability issues into consideration. It is important for business to be able to protect itself from many things within the business laws regulation. Within this paper, an extermination business, a restaurant bar business and a construction scenario
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EGT1 Economics and Global Business Applications Introduction: The study of government regulation and the competitive environment for business is relevant to all those who study business. All business candidates need to understand how the competitive environment will impact their employers and businesses. Task: Write an essay (suggested length of 2–3 pages) that describes the relationship between regulation and market structures and how regulation affects the market. A. Define industrial
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to reward our shareholders. LSI is committed to accept and implement social responsibility to our stakeholders. We will dutifully research our suppliers and venders to make sure they observe and implement high humanitarian standards. Child labors laws will be closely monitored. LSI will provide assistance to under developed countries to improve their living conditions. The assistance will help develop individual citizens and its government. Examples of assistance include but are not limited
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Business Entities As obstetricians going into business together, Akiva and Tara would likely want to file as a Limited Liability Partnership. Most states permit certain professionals such as accountants, lawyers, and doctors to operate as LLPs. LLPs and LLCs combine the most favorable attributes of general partnerships, limited partnerships, and corporations. LLPs are taxed as partnerships unless they choose to be taxed as a corporation. Akiva and Tara would benefit
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IRS Code has 3 forms of business: 1) Sole Proprietorship (pass through entity): the business is a mere continuation of the individual. There is no creation of a new legal entity. You use 1044 to file your private money with business income. Code Sec 61 (definition of income) states there is only one level of taxation. 2) Corporation (C or S): create a distinct legal entity. 3) Partnership (pass through entity): create a distinct legal entity. Corporate law states partnerships must
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Business Decisions To better understand the business entity that represents fair choices, we are going to take a look at a couple of unique business scenarios. Each scenario mentioned below will discuss control, taxation, and liability issues faced with each unique situation. In addition, laws and regulations in reference to starting the business will be identified for each business, coupled with risks that each business must protect itself against. Restaurant/Bar Sports bars and restaurants
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