Principle of Accounts Notes Topic: Introduction to Principles of Accounts What is accounting? Accounting is the process of identifying‚ recording‚ summarizing and communicating financial information to interested parties so that inform judgments and decisions can be made. The Purpose of Accounting: 1) It provides reports on the financial position of an organization and the profitability of its operations. 2) It helps management to make effective and efficient decisions in
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governed by special laws. A proprietorship is a type of business entity which legally has no separate existence from its owner. Hence‚ the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. All debts of the business are debts of the owner. The single proprietor has unlimited liability since creditors of his business may proceed not only against the assets and properties of his business but also after his own personal assets and properties
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Amalgamation of Air India Limited and Indian Airlines Limited with National Aviation Company of India Limited. The Government of India‚ on 1 March 2007‚ approved the merger of Air India and Indian Airlines. Consequent to the above‚ a new Company viz National Aviation Company of India Limited (NACIL) was incorporated under the Companies Act‚ 1956 on 30 March 2007 with its Registered Office at Airlines House‚ 113 Gurudwara Rakabganj Road‚ New Delhi. The Certificate to Commence Business was obtained
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Equation 4.15a (found in footnote 9) to help you figure out what Tim’s monthly payment would be if the dealer were willing to finance the balance of the car price at a 9% annual rate. Business - Finance FIN 419 Week 1 Individual Assignment Limited Liability Corporation and Partnership Paper FIN 419 Week 2 Individual Assignment Assignments from the Readings FIN 419 Week 2 Learning Team Assignment Financial Outcomes Paper Goodyear FIN 419 Week 3 Individual Assignment Assignments
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and external users Accounting information and their needs 4. Outline the distinguishing features of various types of business organizations; Types of business organizations: (i) Sole-Traders (ii) Partnerships (iii) Corporations (Limited Liability companies) (iv) Cooperatives (v) Non-Profit Organizations 5. Identify the main financial statements prepared by various business organizations; Financial Statements – Income statement‚ Trading and Profit & Loss A/C‚ Income and Expenditure
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proprietorship the owner is in business once the required licenses are obtained. While timeliness and cost effectiveness are advantages of this type of business formation‚ a significant disadvantage is that the owner assumes unlimited personal liability for any liabilities incurred by the business (Armstrong & Permenter‚ 2011). Another disadvantage is that because a proprietorship is not a separate entity the owner is responsible for all tax payments associated with the organization’s profits (Kubasek
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business entity is a Limited Liability Company. The following papertwo different types of LLC and how they are formed. It will also touch base on several forms of business entities and the advantage and disadvantages of them. There are several types of Limited Liability Companies (LLC) but to understand the differences between them an LLC needs to be defined. “An LLC is an unincorporated business entity that combines the most favorable attributes of general partnerships‚ limited partnerships‚ and
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CHOOSE FULL OR LIMITED SERVICE *Specialty accommodations-conference center‚ lodges‚ bed & breakfast‚ boutique hotel‚ hostels and campgrounds Institutional housing-schools‚ military‚ hospitals and adult living Location/Logo/Business card *Location-neighborhood‚ center city‚ suburban‚ highway‚ airport‚ resort and cruise *City‚ State‚ Phone # and website *Make a business card with logo on an index card or text box on computer *Write a story of your restaurant
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proprietorship is a business owned one person‚ who has full control of the business and how it is run. They also own all the assets of the business and any profit that it makes. In the same vein‚ they are also responsible for all the debts and liabilities the business accrues. There are lots advantages by being a sole trader. The first advantage is easy formation. The formation of sole proprietorship business is very easy and simple. No legal formalities are involved for setting up the business
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the Business What are the Disadvantages of Sole Proprietorship? Disadvantages of Sole Proprietorship Owner’s Lack of Ability and Experience Difficulty in Attracting Good Employees Difficulty in Raising More Capital Limited Life of the Firm Unlimited Liability of the Partners hip Partnership A legal association of two or more persons as co-owners of an unincorporated business. It is formed with the purpose of eliminating some of the disadvantages sole proprietorships while
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