Lesson 1. Aggregate vs. Entity Approach 1. Aggregate approach: the partnership as a separate entity is disregarded and each partner is viewed as directly owning an undivided interest in the partnership’s assets operations. If the tax law used only aggregate concepts‚ the partnerships and their partners would be treated: - Each partner would be taxed on share of partnership income and would be viewed as owning a direct interest in each partnership asset. - Contributions and distributions would
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Variable Interest Entities One topic that has generated much discussion and even some “bad blood” in the accounting profession and business community as a whole is variable interest entities‚ formerly known as “special purpose entities.” One common definition of a variable interest entity is a legal business structure which does not have enough capital to support itself due to its lack of equity investors. The financial support for the variable interest entity is provided by an outside source
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Business Entities Cases BUS 415 July 9‚ 2012 Restaurant/ Bar Case Lou‚ Jose and Miriam can go into business in the form of a corporation‚ or partnership‚ or LLC where Miriam provides monetary capital‚ while Lou and Jose provide manpower. An operating agreement or purchase-option agreement should be established under which Lou and Jose could each buy a predetermined portion of the business at a predetermined cost. If they choose to establish
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allows us to identify uniquely an entity in the entity set. A superkey may contain extraneous attributes. If K is a superkey‚ then so is any superset of K. A superkey for which no proper subset is also a superkey is called a candidate key. It is possible that several distinct sets of attributes could serve as candidate keys. The primary key is one of the candidate keys that is chosen by the database designer as the principal means of identifying entities within an entity set. 2.2 Construct an E-R diagram
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Choosing the Right Business Entity By Rosa Martinez Professor Smith English 315 February 24‚ 2012 TRANSMITTAL TO: Small Business Owners FROM: Rosa Martinez DATE: February 24‚ 2012 ------------------------------------------------- SUBJECT: Choosing the Right Business Entity ------------------------------------------------- Enclosed is the Justification Report covering information related to different types of entities that could be chosen to establish a business. Furthermore
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Draw the Entity- Relationship Diagram (ERD) for the following scenario: A salesperson may manage many other salespeople. A salesperson is managed by only one salespeople. A salesperson can be an agent for many customers. A customer is managed by one salespeople. A customer can place many orders. An order can be placed by one customer. An order lists many inventory items. When the order is made for number of inventory items‚ the date and the amount is recorded. An inventory item may be listed
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Separate Business Entity – Conventional And Islamic. Nazrin KB Bismillah Ar-Rahman Ar-Rahim The manner of this short essay is that it will discuss my findings regarding the generally accepted accounting concepts and principles a.k.a. the GAAPs that most accountants and professional accountancy bodies worldwide have‚ in unison‚ established to be the essence of the most ordinary way of businesses treating their everyday activities within the scope of accounting. All businesses do have in their
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Summary Variable interest entity analysis ASC 810‚ Consolidation‚ as amended by ASU 2009-17 Introduction A reporting entity must assess whether its involvement with another legal entity requires the reporting entity to consolidate that legal entity and / or provide disclosures in accordance with guidance for variable interest entities. This bulletin outlines a reporting entity’s step-by-step approach to the assessment of its involvement with TM a legal entity under the guidance in FASB Accounting
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Tutorial Week 7 - Class and Entity-Relationship Diagrams 1 Class Diagrams and Entity Relationship Diagrams (ERD) Class diagrams and ERDs both model the structure of a system. Class diagrams represent the dynamic aspects of a system: both the structural and behavioural features. ERDs‚ depicting only structural features provide a static view of the system. 2 Class Diagrams 2.1 Elements of a class diagram: 2.1.1 class A class is a general concept (represented as a square box). A class defines
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COMPANY AS A SEPARATE LEGAL ENTITY Definition: A legal entity‚ typically a business‚ that is defined as detached from another business or individual with respect to accountability. A separate legal entity may be set up in the case of a corporation or a limited liability company‚ to separate the actions of the entity from those of the individual or other company. Meaning: If a business is a separate legal entity‚ it means it has some of the same rights in law as a person. It is‚ for example
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