ACCT 8-29 Accounting flow Chart and Financial Statments

ACCT 8-29 Accounting flow Chart and Financial Statments -...

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 Corporation Separate legal entity owned by stockholders Easy to transfer ownership Great capital raising potential Limited liability of stockholders Unfavorable tax treatment (double taxation) Government regulation LLP => Limited liability partnership Accounting Economic Events  => Transformation process =>  Financial  Statements => Interested Parties Transactions  =>  Record, classify and summarize  =>  Balance sheet, Income statement, retained earnings statement,  statement of cash flow  =>  management, investors, creditors Model of business activity Financing Activities Raising money to  Investing Activities Buying Assets (Long  Operating Activities Generating Revenue  (Short Term)
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Operating Activities: o Primary activity of the business Buying raw materials Investing Activities o obtaining resources (assets) to operate the business and the sale of land, 
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ACCT 8-29 Accounting flow Chart and Financial Statments -...

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