Define the three common business forms.
What will be an ideal response?
Sole proprietorship: The sole proprietorship is a business form in which a single person is the sole owner and is personally responsible for all the profits and losses of the business.
Partnership: Partnerships are similar to sole proprietorships, except that this legal structure allows for more than one owner. Each partner is personally responsible for all the profits and losses of the business.
Corporation: The corporation is the most sophisticated form of business entity and the most common among large companies. The corporation (also called, organization, enterprise, or business) is an artificially created legal entity that exists separate and apart from those individuals who created it and carry on its operations. In a corporation, the business entity is separate from the business owners.
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Anna is a millionaire but she is constantly stressed and unhappy despite her wealth, Anna is experiencing ________
A) burnout B) class warfare C) affluenza D) cosmopolitanism
How does the application of the lower-of-cost-or-market rule differ between U.S. GAAP and IFRS?
To fight counterfeiting, the "Disney Magical Journey" promotion was keyed to mail-in hologram stickers on genuine Disney products. Participants could win Disney DVDs, TV sets, and trips to Hong Kong Disneyland. This is an example of:
A) promotion of different types for marketing. B) promotion of Disney Magical Journey. C) people in many countries prefer mail-in hologram. D) "Disney Magical Journey" is popular worldwide. E) sales promotion by global marketer.
Answer the following statements true (T) or false (F)
1. Financial reporting is typically much more detailed than managerial accounting. 2. Managerial accounting provides financial statements that report results of operations, financial position, and cash flows both to managers and to external stockholders. 3. The IMA standards of ethical practice require managerial accountants to maintain their professional competence. 4. The accountant for Myra Lido deliberately recorded operating expenses as operating assets in order to record a higher net income for the company. As long as the amount of the misstatement was not material, this would not be considered unethical behavior. 5. The IMA Statement of Ethical Professional Practice include confidentiality, competence, credibility, and integrity.