Forms of business organizations, Accounting Basics

Assignment Help:

Forms of business organizations

Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organization such like a hardware store or grocery store that exists as an economic unit. For accounting purpose every business organization or entity has an existence separate from its owner(s), employees, creditors, customers and other businesses. This separate survival of the business organization is known as the business entity concept. Therefore in the accounting records of the business entity the activities of each business must be kept separate from the activities of other businesses and from the personal financial activities of the owner(s).


Related Discussions:- Forms of business organizations

Maplehurst company, Q. Maplehurst Company? Maplehurst Company manufactu...

Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i

Purchased a latest machine, Teague Company purchased a latest machine on Ja...

Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe

Depreciation, Depreciation on an Motor Vehicle of 5,000,000

Depreciation on an Motor Vehicle of 5,000,000

Accounting as an information system, As discussing the scope of accounting ...

As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,

Career as an accounting professor, Do you enjoy college life? Do you enjoy ...

Do you enjoy college life? Do you enjoy teaching others? If therefore you might want to consider a career as a college professor. Even though a position as a college professor may

What is instance financial reporting, Q. What is Instance financial reporti...

Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i

Periodicity concept, Though the results of the operations of an exact enter...

Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili

Adjustments for accrued items, Q. Adjustments for accrued items? Accrue...

Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a

Explain about traditional accounting theory, Q. Explain about Traditional a...

Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention

What do you mean by equities, Q. What do you mean by Equities? Assets w...

Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd