Financial Statements and Business Organizations
Generally accepted accounting principles (GAAP) require four different financial statements for most forms of business organizations: the balance sheet, income statement, cash flow statement, and statement of shareholders, partners' or owner's equity. This essay examines the statements associated with the sole proprietorship, the partnership, the C corporation and S corporation.
A sole proprietorship is a business owned by one person. From an accounting standpoint the business is treated as a separate entity from its owner. A partnership consists of two or more individuals who are co-owners of an enterprise. AC corporation automatically forms when a business becomes incorporated, and shields the shareholders from being personally liable for the debts and obligations of the company (Carter, 2011). The S corporation is a C corporation which has elected pass-through taxation.
Balance Sheet
A balance sheet provides detailed information about a company's assets, liabilities and equity. It reports the financial position of a business, showing what assets a company owns, and what liabilities it owes, at a given point in time. The following formula...
Aristotle began as the student of Plato, but a reader is hard pressed to find any particular similarities between the worldviews of the two. In fact, if we have studied Platonic Dualism and Plato's accompanying Theory of Forms, it starts to look like Aristotle's philosophy is based upon the attempt to be as un-Platonic as possible. Plato believed in a double nature of reality -- the real physical world that
leader within the educational sector, it is critical that that qualities of good leadership be reflected upon the entire course of ones career.The management and leadership of academic institution is in deed a challenge that often results in poor performance in our contemporary schools (Schmoker,2001). In this paper, we present an elaborate reflection of my views on educational leadership principles that I have explored in the context of your
Breast Cancer How Genes Influence Breast Cancer Director of the National Cancer Institute How Genes Influence Breast Cancer Many environmental factors can affect a person's risk of breast cancer, but they are not the only issues to consider. Genetics also play a strong role in whether a person develops breast cancer or avoids it. A strong family history of the disease can predispose a person to breast cancer, but it is not a guarantee
Industrial Revolution: Impact in Middle Class And Working Class / Conditions of Middle Class And Working Class Under Industrial Revolution The Industrial Revolution, was an advancement to new production processes in the period from 1760-1840. This advancement involved improving from the use of traditional hand production methods to the use of machines, modern chemical production and iron manufacturing processes, more efficient water supply, rising use of steam power, the advancement of
K-12 Curriculum and Instruction: Changing Paradigms in the 21st Century This is not your grandfathers' economy or his educational paradigm however; today's curriculum still appears as such and therein lays a very significant and challenging problem that presents to today's educators and leaders. According to Sir Ken Robinson, "We have a system of education that is modeled on the interest of industrialism and in the image of it. Schools are still
Management Accountant's Role In Total Quality Management Management accountants have conventionally focused on supporting corporate managers through providing relevant information that is utilized in the business planning process. This relevant information that has historically been provided by management accountants has largely been financial. However, the role of management accountants has changed in the recent past following the introduction of Total Quality Management (TQM). Total Quality Management is a relatively new management
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now