13 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

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ACC 212: PRINCIPLES OF ACCOUNTING CAPITAL STOCK TRANSACTIONS PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 13-2 13: Corporations: Organization and Capital Stock Transactions Course Competencies 2.1 Record the issuance of par and no-par common stock 2.2 Record the issuance of common stock for services or non- cash assets 1. The Corporate Form of Organization 2. Accounting for Common Stock Issues 3. Accounting for Treasury Stock 4. Preferred Stock 1.1 Identify the major characteristics of a corporation 1.2 Identify the ownership rights of stockholders 1.3 Distinguish between authorized, issued and outstanding stock 1.4 Differentiate between paid-in capital and retained earnings 3.1 Define treasury stock and record the purchase/sale of treasury stock 3.2 Understand how treasury stock is classified in the balance sheet 4.1 Differentiate between preferred and common stock
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Chapter 13-3 An entity separate and distinct from its owners. The Corporate Form of Organization Classified by Purpose Not-for-Profit For Profit Classified by Ownership Publicly held Privately held McDonald’s Ford Motor Company PepsiCo Google Salvation Army American Cancer Society Gates Foundation Bacardi Limited Cargill, Inc.
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Chapter 13-4 1. Separate Legal Existence 2. Limited Liability of Stockholders 3. Transferable Ownership Rights 4. Ability to Acquire Capital 5. Continuous Life 1. Government Regulations 2. Additional Taxes 3. Corporate Management Characteristics that distinguish corporations from proprietorships and partnerships. Characteristics of a Corporation Advantages Disadvantages 1.1 Identify the major characteristics of a corporation
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Chapter 13-5 Characteristics that distinguish corporations from proprietorships and partnerships. Characteristics of a Corporation 1.1 Identify the major characteristics of a corporation Corporation acts under its own name rather than in the name of its stockholders. 1. Separate Legal Existence 2. Limited Liability of Stockholders 3. Transferable Ownership Rights 4. Ability to Acquire Capital 5. Continuous Life 1. Government Regulations 2. Additional Taxes 3. Corporate Management
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Chapter 13-6 Characteristics that distinguish corporations from proprietorships and partnerships. Characteristics of a Corporation Limited to their investment. 1.1 Identify the major characteristics of a corporation 1. Separate Legal Existence 2. Limited Liability of Stockholders 3. Transferable Ownership Rights 4. Ability to Acquire Capital 5. Continuous Life 1. Government Regulations 2. Additional Taxes 3. Corporate Management
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Chapter 13-7 Characteristics that distinguish corporations from proprietorships and partnerships. Characteristics of a Corporation
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This note was uploaded on 02/28/2011 for the course ACC 212 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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13 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

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