Basic Accounting Concepts and Business Structures David Lickem ACC/537 April 15, 2013 Basic Accounting Concepts and Business Structures The accounting profession as a whole is extremely complex and ripe with regulations and rules. It is also enormously important to any organization, big or small, and thus can be a very intimidating career choice. As with anything else though, reaching a destination requires a starting point, and in accounting, a good starting point is to understand basic
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David in terms of selecting a business structure. These are sole proprietor, partnership and company. Option 1: Sole proprietor A sole propriety is an option for the start-up whereby one individual of the pair would control and manage the business. For example, David starts up, controls and manages the business and Christina is merely employed by David. The registration requirements of a sole proprietor would include David as the owner applying for an Australian Business Number and for a Tax File Number
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course start date for the earliest expected date of return. Reason for Leave of Absence Family Medical Leave Jury Duty Military Natural Disaster Course Cancellation/University Related Extension Other (including business and personal related leaves) If Other, explain in detail. Acknowledgements I am requesting a Leave of Absence, and acknowledge the following: 1. I have read and understand the University Leave of Absence Policy in the Consumer Information Guide
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Basic Accounting Concepts and Business Structures Basic Accounting Concepts and Business Structures The accounting environment is constantly changing to improve so decision-making in the business world will thrive. To be successful in a business, understanding the fundamental concepts are essential to make informed decisions. The federal government formed the SEC to standardize financial information and to keep the financial environment regulated
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The Family Medical Leave Act (FMLA) entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave (www.dol.gov). This Act became effective on August 5, 1993; almost 20 years ago. It entitles eligible employees to twelve workweeks (roughly 3 months) of leave in one calendar year for the birth of a child and to
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Introduction to Business Introduction to Business American International University Abstract The inventor wants to market his product. He has no knowledge in finance or management skills. He begins to gather information about what it takes to start a business. He learns it’s best to consult with a lawyer or an account about regulations, taxes, job offers and legal matters. The three different business organizations which are, sole proprietorship, partnership and corporation
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Small Business Idea Melissa Baird Accounting ACC/561 June 4, 2012 Michael Gaspar The receipt of the small business funds would provide an opportunity to open a soup kitchen to feed homeless and low income individuals. The business would be a sole proprietorship because of the simplicity, and because the success or failure of the business is solely contingent on the owner’s actions not those of partner’s or shareholders. In addition, a sole proprietorship
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Unit 1: The Business Environments AIU Online Abstract Comprehending the three legal businesses are prompted through the business type you desire to generate. Based on your goal you would want to select a type of business fitting you free enterprise and the amount of management judgments you will have to make. In the particular scenario provided, you would decide the best fit type of business; first you are going to explore your business opportunities. If the accurate selection was establish
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first investigation into business studies, this author will explain her take on the different kinds of business entities. The three different kinds of entities are: Sole-Proprietorship, Partnership, and Corporation. She will then take the information given to her and make a decision on the scenario given to her. The scenario states that she is an inventor with no financial or management skills but would like to bring her product out in the world, out of the three business entities, which one should
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Sole Proprietorship This is the structure most often selected by individuals starting new businesses. It is generally defined as a business completely and directly owned and operated by one person. To create a sole proprietorship, you need only obtain whatever licenses, if any, are necessary to begin operations; few legal formalities are required to start, and it is usually less expensive to establish than a partnership or corporation. The sole proprietor, as sole owner of all assets, is entitled
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