Question 1 Carelessness - Carelessness is the common reasons by which accounting errors may be occur. The person who keeping the books of account must be responsible to his/her job when he/she is careless or not serious may cause such errors happen. Lack of Knowledge - Accounting is based on certain principles and rules. Due to the lack of knowledge of the accounting principles and rules, accounting errors may be occurs. Dishonest of records - If the person who is responsible for keeping
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TAYLOR’S COLLEGE SOUTH AUSTRALIAN MATRICULATION ACCOUNTING STUDIES - Jan. 2011 Intake Assessed Net Search Assignment (a) Name of the business Winstone Tiling Sdn Bhd (b) Type of the business(sole proprietor, partnership, private company or public company), Private Company (c) The range of goods and services it offer Ceramic Tiles (d) The area over which it operates - No 95, Jalan Perwira 2, Taman Perwira, 42500 Telok Panglima Garang. - No 49-0 & 49B, Lrg Bt.Nilam
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start-up that is incorporated into the corporate life cycle. Business has the choice to start up as proprietorship, which is non corporate business ran by one owner. There is also a partnership, which represent more than one owner to the business. This is also a non corporate business as well. Under a partnership other forms of partnerships such as: limited liability partnership (LLP) or your limited liability company (LLC). The final stage of corporate life cycle exists once the company has gained a
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laws, regulations, and liability issues that could affect the business endeavor before the concept becomes reality. To explain these responsibility about businesses the assignment is to consider two business ideas followed by a business scenario, which will be presented at the beginning of each subsection. In the evaluation of each business concept, there will be a discussion of which business entity would best represent the business in taking control, taxation, and liability issues that may arise
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organizations is the limited liability partnerships and limited liability corporations. Limited Liability Partnerships A limited liability partnership, commonly abbreviated as an LLP is a business organization made up of partners. However, a limited liability partnership has the characteristic number of partners who have limited liabilities. According to Boone and Kurtz (2011), these specific partners are not therefore liable for the financial responsibilities of the partnership. This is the feature
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way to classify a business. A business can be; * Sole trader is a business with one owner. This owner is free to make any decision about his organisation and the profit belongs to him. However as a single individual running a business he will have limited funds to grow and expand his business. He will also be subject to unlimited liability, this is if a business goes bankrupt they can lose everything, even personal belongings. * Partnership businesses can be owned by two to twenty people. Here
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1-finance is essentially any transaction in which money or money like instrument is exchanged for another money or money like instrument. So we can say the concept of finance is very old it, has taken place probably since the roman or the Chinese dynasty era. Finance is used in the market. A market is a place that allows forces of demand and supply to operate. Where sellers and buyers trade services goods, contracts, for money or barter, this is the place where finance also takes place. You can’t
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ascetically they are same product. Tesco's Ownership which is owned by several partners, Tesco is owned by thousands of people. This is because Tesco is a public limited company or PLC. The reason for Tesco being a PLC is because of its mammoth size. Due to its size it would be hard to raise enough funds for Tesco if it was owned by a sole trader or by partners whereas in a PLC (like Tesco) the company is owned by shareholders who fund the company.
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use is the partnership firm due to the following reasons. There are three people wanting to open this business; Lou, Jose and Miriam. All three wish to have percentage of the ownership in this business. Miriam will invest the money for this business while Lou and Jose will take care of the daily operations of the business. Lou and Jose will control the business activities by sharing profit with Miriam; therefore this scenario will be considered a partnership firm. In a partnership firm all decisions
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Assignment: Partnership Paper FIN/419 March 19th, 2012 James Hagist Individual Assignment: Partnership Paper For this individual assignment titled partnership paper, I will write a 700-word paper in which I explain the roles of limited liability corporations and limited liability partnerships. In addition to explaining the roles of limited liability corporations and limited liability partnerships I will describe establishing my own company. Roles of Limited Liability Corporations
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