Explaining Basic Accounting Concepts and Business Structures The Hierarchy of Generally Accepted Accounting Principles identifies the sources for the accounting standards and principles. These sources include “FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins” (Kieso, Weygandt, & Warfield, 2007, p. 12). When companies prepare financial statements in accordance with GAAP, they sometimes run into situations in which some standards do not
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production, sales and customer service, business entity, liabilities, and employment types. References Mancuso, A. (2014). Chapter 3: Forming and Running Your Business. LLC Or Corporation?, 59-80. Mancuso, A. (2014). Chapter 6: Converting a Sole Proprietorship to Another Entity. LLC Or Corporation?, 153-176. Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc. Smith, V., & Neuwirth, E. B. (2009). Temporary Help Agencies and the Making of a New Employment
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a construction scenario will be discussed based on the requirements of stating a successful business. Extermination Business: Frank, a wealthy investor who plans to open a chain of exterminating businesses across the United States is a Sole Proprietorship. Being a wealthy investor places him the position to provide all of the financial funding that would be required for his exterminating business up front. Frank will also be able to provide his own funding when he begins to expand the organization
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make any event, a truly memorable experience. Business Form: East Coast Catering is a LLC. The reason I selected this type of business is because most local catering businesses function as a Sole Proprietorship, because it is the easiest form of business to start and operate under. Sole Proprietorships leave the owner accountable to very high amounts of liability. LLC’s
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Explaining Basic Accounting Concepts and Business Structures ACT/537 January 9, 2012 Explaining Basic Accounting Concepts and Business Structures A solid understanding of basic accounting is arguably one of the most essential skills future businesses leaders require for success. The business world operates to make a profit, and in order to do so, managers must understand the numbers. Managers from marketing, production, management, or information systems should each understand fundamentals
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My entertainment company, Kytepromotions, pays fines for every little violation for every little incident. Since I am the sole proprietorship of my business, I must pay all the fines and attend courts when needed. I thought about going in to partnership with my uncle because he was the one that should me how to start the business. He is older than I am by a few decades and his ideas of how plan wedding and children birthdays are prehistoric. My uncle first got started by working with merchants dealing
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Student Name: Interviewee Name: Position/Company Name: Contact information: 1. What goods and or services does your company offer? This company is a landscaping and grass cutting business. 2. How do you organize your business? (Identify sole proprietorship, partnership, LLC, corporation) The business is organized by partnership. 3. What are the advantages to the way you organize your business? The advantages are that each partner has their own roles, and everything is sort of split so that
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Assignment 1: To Build or Buy Barbara Manley Professor: Angela Harris Business 402- Small Business Management May 1, 2015 The small business that I chose to compete with is a beauty shop that I visit weekly. This beauty shop is located in the city of Dale City, VA. This Business is called Images Beauty Shop. Images Beauty Shop is surrounded by several different types of businesses such as schools, grocery, and a few other retail stores. Images Beauty Shop was owned by older women previously
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1. (TCO A) Which of the following statements is CORRECT? (Points : 10) It is generally more expensive to form a proprietorship than a corporation because, with a proprietorship, extensive legal documents are required. Corporations face fewer regulations than sole proprietorships. One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation, at both the firm level and the owner level. One advantage of forming a corporation
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Explaining Basic Accounting Concepts and Business Structures ACT/537 March 12, 2012 Del Roberts Explaining Basic Accounting Concepts and Business Structures The three most authoritative sources of Generally Accepted Accounting Principles (GAAP) include FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICAP Accounting Research Bulletins (ARP) (Kieso, Weygandt, & Warfield, Chapter 1, Pg. 12, 2007). The FASB Standards, Interpretation, and Staff Positions issued
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