Lecture 02-FA1.pdf - Fundamental Accounting Principles –...

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Fundamental Accounting PrinciplesFinancial Accounting ILecture (2)
Fundamental Accounting PrinciplesFinancial Accounting ILearning ObjectiveLO.4:Discuss the Different Forms ofBusiness Entities
OwnershipA single ownerTwo or moreownersUsually owned bymany shareholdersLegal entityNot a separate legalentityNot a separatelegal entity.A separate legal entityTaxationNo additionalbusiness incometax.No additionalbusiness incometax.Additional corporateincome tax.LiabilityUnlimited liabilityUnlimited liabilityLimited liabilityBusinesslifeBusiness ends withowner deathBusiness ends witha partner deathIndefinite.Fundamental Accounting PrinciplesFinancial Accounting IForms of Business Entities3
Fundamental Accounting PrinciplesFinancial Accounting IDO IT!4Forms of Business Entities

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Term
Winter
Professor
ShadyAtta
Tags
Balance Sheet, Generally Accepted Accounting Principles

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