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Chapter 9: Financial Statements for a Sole Proprietorship

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Chapter 9: Financial Statements for a Sole Proprietorship

Each dollar amount reported on a financial statement is _____ _____, called a _____, appearing on that same statement. ... Chapter 9: Financial Statements for a Sole Proprietorship Author: Melissa GORDON Last modified by: Huron High School

http://christygarrett.weebly.com/uploads/6/5/7/0/6570222/chapter_9.4.doc

Date added: October 5, 2012 - Views: 27

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Chapter Nine Financial Statements and Closing Entries for a ...

Chapter Nine Financial Statements and Closing Entries for a Merchandising Sole Proprietorship. ... Notice that the classified income statement is divided into fur major sections: Sales revenue.

http://www1.gdufs.edu.cn/jwc/bestcourse/kecheng/43/会计学/3%20教学内容/2%20电子教案/11%20Chapter%209%20Financial%20Statements%20&%20Closing%20Entries%20for%20a%20Merchandising%20Sole%20Proprietorship/Chapter%2009.doc

Date added: May 12, 2013 - Views: 9

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Overview of Fin. and the Fin. Envir. - Test bank and manual ...

Which of the following statements is CORRECT? a. One of the ... One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability. b. ... it is easier for sole proprietorships and partnerships to raise large amounts of outside capital than it is for ...

https://thetopgrades.com/wp-content/uploads/2013/corner-samples/Brigham--Intermediate-Financial-Management-11e.doc

Date added: September 21, 2014 - Views: 1

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Preparing financial statements on balance sheet date

Preparation of Financial Statements. the Income Statement. classification of expenses appropriate to the business activities. Balance Sheet. with: ... limited to a sole trader/proprietorship. the measurement system adopted limited to historical cost.

http://www.ppta.org.nz/index.php/resources/curriculum-support/curric-resources/doc_download/475-accounting-year-12-preparing-financial-statements-

Date added: January 29, 2012 - Views: 19

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Chapter 01 Introduction to Corporate Finance - Test Bank For

There are very few sole proprietorships remaining ... dividend C. investing in a new project that creates firm value D. hiring outside accountants to audit the company's financial statements E. closing a ... Which one of the following statements concerning a sole proprietorship is ...

http://testbankfor.net/wp-content/uploads/2013/10/Chap00165.doc

Date added: November 12, 2013 - Views: 3

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Chapter 01 Introduction to Financial Management

E. places total responsibility for the financial statements of a firm on the auditor who ... Sole proprietorship B. General partnership C. Limited partnership D. Limited ... Give an example of a situation where the management of a firm is acting in a manner that is contrary ...

http://www.download-ebookstore.com/wp-content/uploads/2013/04/Chap00186.doc

Date added: September 3, 2013 - Views: 7

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Chapter One: Accounting for a Service Business Organized as a ...

Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnership ... Extending Financial Statement Information on a ... Financial Statements for a Proprietorship. Preparing and Income Statement. Balance Sheet Information on a Work Sheet. Chapter 8: Recording ...

http://vogds-bme.wikispaces.com/file/view/Accounting+Project+Curriculum+map.doc

Date added: May 2, 2013 - Views: 31

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Chapter 001: The Role of Accounting in Starting a Business

One disadvantage of a sole proprietorship and a partnership is unlimited liability. ... Which of the following is not one of the four basic financial statements? A. Income statement B. Statement of cash flows C. Accounting equation D. Balance sheet ...

http://www.simonfoucher.com/MBA/MBA607_Financial_Accounting/Solutions/Random/chap001.doc

Date added: April 23, 2014 - Views: 1

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CHAPTER 1

... and changes in them. General-purpose external financial statements are the main way of presenting financial ... In a sole proprietorship or ... Describe the features of multistep and single-step classified income statements. 9. An income statement may be presented in either ...

http://college.cengage.com/accounting/needles/fin_man_acc/8e/assets/students/review/review04.doc

Date added: October 1, 2014 - Views: 1

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CHAPTER 1

Sole proprietorship is a business owned by one person that has unlimited liability. ... Financial Statements A Income Statement Reports on operating activities by listing amounts for sales, costs, and expenses over a period of time; net income is computed as sales less all costs and expenses.

http://web.calstatela.edu/faculty/dhossai2/acct1a/resources/3%20Chapter%20Notes/Chap001.doc

Date added: January 26, 2014 - Views: 16

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Forms of Business Ownership - Wikispaces

The basic purpose of financial statements is to assist decision makers in evaluating the financial strength, ... Examples include: Canadian Cancer Foundation, Amnesty International, Junior Achievement etc. Forms of Business Ownership. 1. Sole Proprietorship. owned by one person. 2. Partnership.

http://baf3m.wikispaces.com/file/view/What%20is%20Accountng.%20Types%20of%20Business%20and%20Business%20Ownership.doc/160948549/What%20is%20Accountng.%20Types%20of%20Business%20and%20Business%20Ownership.doc

Date added: October 24, 2013 - Views: 22

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highered.mheducation.com

A. Sole Proprietorship. The business operated by person as his own personal property. ... based on Brooks’s pattern of false statements on financial statements, that he was using the corporate entity to promote injustice and fraud. The court pierced the corporate veil and ... For example, one ...

http://highered.mheducation.com/sites/dl/free/0073377716/856311/Chap26.doc

Date added: July 7, 2014 - Views: 1

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BUSINESS PLAN - Texas A&M University

Joe Blow will own and operate Hidden Valley Goat Farm as a sole proprietorship. ... Statement of Goals and ... Blow and Hidden Valley Goat Farm will be monitored by Vocational Rehabilitation Services through monthly meetings and financial statements when requested. APPENDICES: SUPPORTING ...

http://txagrability.tamu.edu/powerpoint/Example_Business_Plan-%20Hidden%20Valley%20Goat%20Farm.doc

Date added: July 6, 2012 - Views: 56

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Chapter 12

Financial Statements For a Corporation. ... you need to understand how equity for a corporation is handled and the differences in equity between corporations and sole proprietorships. ... This amount is comparable to investments made by the owner in a sole proprietorship.

http://christygarrett.weebly.com/uploads/6/5/7/0/6570222/chapter_19_notes.doc

Date added: May 11, 2013 - Views: 7

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Chapter 1

-Sole proprietorship-Partnerships-Corporations. COMMUNICATING THROUGH FINANCIAL STATEMENTS. The Financial Statements. 1. 2. 3. 4. Financial statements summarize. business activities. Financial Statement Heading. NAME OF ENTITY. NAME of FINANCIAL STATEMENT.

http://ruby.fgcu.edu/courses/jconreco/core1/1Chapter01.doc

Date added: April 7, 2013 - Views: 5

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Program Name: Auto Technology - New Hampshire

-Compare and contrast financial statement results to industry standards and make recommendations. Understand and identify cash controls. ... Prepare financial statements specific to a sole-proprietorship, partnership, corporation and an LLC.

http://www.education.nh.gov/career/career/documents/pc_bus_acct.doc

Date added: August 15, 2013 - Views: 13

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Income Statement

Give one example of how accounting information can be used to improve company operations. ... If it’s a sole proprietorship or partnership, list the names of owners. ... From the financial statement, ...

http://instructor.mstc.edu/instructor/khansen/Intro%20to%20Business/chapter%20review.doc

Date added: September 22, 2013 - Views: 1

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Accounting for Investing and Managing - P-12 : NYSED

Topic 2 Introduction to the Accounting Equation and Financial Statements . for Sole Proprietorship in a Service Industry 6. ... Discuss the similarities and differences between a sole proprietorship's financial statement and a corporation's financial statements.

http://www.emsc.nysed.gov/cte/business/docs/newcourses/Acctg_ManagingSept2005.doc

Date added: October 12, 2011 - Views: 13

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CHAPTER 1

One of the disadvantages of the sole proprietorship form of organi-zation is that there is ... it is easier for sole proprietors and partnerships to raise outside capital than it is ... Except for statement a, all the other statements are exactly opposite for corporations.. Firm ...

http://mmunsoed27.files.wordpress.com/2011/01/tb_chapter01.doc

Date added: July 7, 2012 - Views: 10

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Corporate Background and Financial Report - OCC: Home Page

Financial statements submitted with this report must be based on current market value in United States dollars, ... Financial Statement. ... trust, association, joint venture, pool, syndicate, sole proprietorship, ...

http://www.occ.gov/static/licensing/form-corp-bio-financial-v1.doc

Date added: January 21, 2013 - Views: 14

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1 ACCOU - Novella

Financial statements are the primary means of communicating financial information to users. ... Explain how the statement of financial position, ... sole proprietorship, partnership, corporation ...

http://novella.mhhe.com/sites/dl/free/0071288961/869226/Chap002.doc

Date added: April 16, 2013 - Views: 35

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Financial Accounting: A Business Process Approach, 3e (Reimers)

1.1-37) The United Way is an example of a _____. A) sole proprietorship. B) partnership. C) corporation. D) not-for-profit. Answer: D. Diff: 1. Objective: LO 1-1. ... Answer: The four financial statements are called the balance sheet, income statement, ...

https://thetopgrades.com/wp-content/uploads/2013/corner-samples/Reimers--Financial-Accounting-3e.doc

Date added: September 17, 2014 - Views: 1

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Chapter 3

Identify the primary financial statements – the income statement, ... The other form is a partnership – also known as a sole proprietorship when there is only one partner. There are several key differences between these alternate organizational forms, ...

http://www.cgu.edu/include/Chapter_1_text.DOC

Date added: September 16, 2011 - Views: 110

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BUS 302L Accounting Review Topics 1 - 5 - California State ...

... creditors, and managers is not reported in the financial statements. For example, ... and by what is invested (capital stock). For a sole proprietorship, both of these components would be combined into one owner’s capital account. Retained earnings consists of revenues, expenses, ...

http://www.csun.edu/sites/default/files/FinancialAccountingReviewVer1.0.doc

Date added: July 6, 2013 - Views: 19

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Chapter 1: Financial Statements and Business Decisions

Chapter 1: Financial Statements and Business Decisions. WHAT’S NEW IN THIS EDITION ... To understand a company’s financial statement, ... Sole Proprietorship. An unincorporated business owned by one person.

http://content2.learntoday.info/ben/MBA500_2012/media/Instructors%20Manuals/chap001.doc

Date added: August 30, 2014 - Views: 3

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grahambusiness.com

_____18.Which of the following is an advantage of corporations relative to partnerships and sole proprietorships ... Lower taxes. Most common form of organization. _____19.A local retail shop has been operating as a sole proprietorship. ... Notes to the financial statements do not need to be ...

http://grahambusiness.com/Chapter1PracticeExam.docx

Date added: October 10, 2011 - Views: 12

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Overview of Fin. and the Fin. Envir. - TestBank Instant ...

Which of the following statements is CORRECT? a. One of the ... One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability. b. ... it is easier for sole proprietorships and partnerships to raise large amounts of outside capital than it is for ...

http://www.download-ebookstore.com/wp-content/uploads/2013/04/Ch01-Test-Bank-3-30-10.doc

Date added: July 10, 2013 - Views: 5

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Chapter 01 Introduction to Financial Management - Test Bank For

Sole proprietorship B. Partnership C. Corporation D ... Which of the following is an example of aligning managers' personal interests with ... These individuals examine the firm's accounting systems and comment on whether financial statements fairly represent the firm's ...

http://testbankfor.net/wp-content/uploads/2013/10/Chap00171.doc

Date added: November 15, 2013 - Views: 5

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Accounting - iauniversity.net

For example: Sole Proprietorship: John Doe, Capital Partnership: John Doe, Capital Josephine Smith, Capital In the case of a corporation, equity would be listed as common stock, preferred ... Financial statements come as a pair: ...

http://iauniversity.net/documentos/COLLEGE%20OF%20BUSINESS%20ADMINISTRATION/DEGREE%20PROGRAMS/Accounting.doc

Date added: September 3, 2014 - Views: 2

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Chapter Two: The Real World of Business and Accounting

... explain how the application of GAAP impacts the recording of financial transactions and the preparation of financial statements; ... Financial Statements for a Sole Proprietorship. Chapter 9 Standards: NBEA ... Find an example in the news of accounting incompetence causing a company’s ...

http://vogds-bme.wikispaces.com/file/view/Curriculum+Map.doc

Date added: May 3, 2013 - Views: 11

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TRUE/FALSE - Valencia College

The first step in starting a sole proprietorship is to fill out a proprietorship charter application form and file it ... A drawback of sole proprietorships is that they usually have limited access to additional financial resources. Answer: True LG: 1 ... Compared to sole proprietorships, ...

http://fd.valenciacollege.edu/file/jconrick1/chapters%205%20THRU%208%20for%20study.doc

Date added: February 3, 2012 - Views: 38

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CHAPTER 2

Adjusting Accounts and Preparing Financial statements. ... The video concludes by noting that accrual accounting enhances the usefulness of financial statements; Sprint is a real world example. Video Segment #5 ... each of the four closing entries is illustrated (in a sole proprietorship ...

http://www.calstatela.edu/faculty/dhossai2/acct1a/resources/3%20Chapter%20Notes/Chap003.doc

Date added: March 9, 2012 - Views: 53

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1 - San Francisco State University

Which of the following statements is true regarding the corporate form of organization compared to that of the sole proprietorship? ... Corporations are taxed more favorably than sole proprietorships. b.

http://online.sfsu.edu/donglin/350i1_10q.doc

Date added: October 5, 2012 - Views: 15

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CSBS – MCCC - Mercer County Community College

... there will be a bit of a learning curve in order to have your financial statements properly reflect the business transactions that have taken ... For example, if the company is a sole proprietorship or ... The final primary financial statement that must be prepared is the statement ...

http://www.mccc.edu/ibpf/pdf/accounting_tutorial.doc

Date added: November 2, 2011 - Views: 30

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para 1 - Cengage Learning

Users of financial statements depend on a company’s management and accountants to act ethically and with good judgment in preparing the ... (The income statement of a sole proprietorship or a partnership does not contain a provision for income taxes because these forms of business are not ...

http://college.cengage.com/accounting/needles/financial/9e/assets/outline/outline_ch04.doc

Date added: January 27, 2012 - Views: 12

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Chapter 01 Introduction to Financial Management

Sole proprietorship B. Partnership C. Public Corporations D. Hybrid ... These individuals examine the firm's accounting systems and comment on whether financial statements fairly represent the firm's financial ... It is relatively easy for sole proprietorships to raise money ...

http://testbankexpress.com/samples/Cornett--Finance-Applications%20and%20Theory%202e.doc

Date added: November 29, 2013 - Views: 3

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Chapter 4 revisitation - Cameron School of Business

One of the disadvantages of the sole proprietorship form of organization is that there is unlimited liability. d. ... ____ 2. Which of the following statements is most correct? a. ... Corporations face fewer regulations than sole proprietorships. c.

http://www.csb.uncw.edu/people/edgraham/docs/FIN335%20Files/FIN335%20-%20Exam%20I.doc

Date added: January 30, 2012 - Views: 12

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A NOTE ON FINANCIAL ANALYSIS - Baylor University

Understanding the informational content of financial statements is one such area. ... An example of an income statement is provided in Exhibit 2 for the LM Manufacturing Company. ... If the firm is a sole proprietorship, the .

http://www.baylor.edu/content/services/document.php/57678.doc

Date added: October 15, 2011 - Views: 96

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CHAPTER 3

A CPAs opinion on the financial statements would be worthless without confidence that CPAs are honest and act with integrity. ... an audit or review of a financial statement; or (2) ... Depending on the state, this may include a sole proprietorship, a partnership, a professional corporation, ...

http://www.sba.pdx.edu/faculty/rayj/492/LCChapter03.doc

Date added: May 13, 2013 - Views: 5

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Finance 303 – Financial Management - California State ...

Financial statements and reports: concepts. Basic financial statements: ... One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability. d. ... this is an example of a primary market transaction. b.

http://www.csun.edu/~zz1802/Finance%20635/Web-Stuff/Review-Notes-Midterm.doc

Date added: May 22, 2013 - Views: 10

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BUSINESS LOAN APPLICATION_ - Inc.

... Financial Statement: Last 3 years of business financial statements and/or tax returns Last 3 years of owner’s personal tax return Current personal financial statement BUSINESS LOAN APPLICATION ... a sole proprietorship, and/or partnership, the Bank may require all parties to pledge ...

http://images.inc.com/tools/downloads/14074.doc

Date added: August 31, 2011 - Views: 85

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Download - Cengage Learning - Learning solutions, training ...

The three principal forms of business organization are the sole proprietorship, partnership, ... About 75 percent of all businesses in the United States are sole proprietorships accounting for less than 6 percent of total U.S ... Financial accounting the preparation of financial statements, 2.

http://www.cengage.com/resource_uploads/downloads/0324289081_52401.doc

Date added: June 29, 2013 - Views: 19

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ACCT 101 – Fundamentals of Accounting 1

Two Financial Statements - Statement of Retained Earnings and Statement of Cash Flows. ... a sole proprietorship, a partnership, or a corporation. SOX – Sarbanes Oxley Act . This legislation was designed to help curb abuses of public companies.

http://web.cerritos.edu/dschmidt/SitePages/ACCT%20101%20Wild%204E/ACCT%20101%20Wild/ACCT%20101%20-%20Chapter%201%20Handout%20-%20Schmidt.doc

Date added: September 22, 2014 - Views: 1

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Chapter 01 Financial Statements and Business Decisions

Financial Statements and Business Decisions ... The financial statement that shows an entity's economic resources and its liabilities is the statement of cash flows. ... Which of the following statements is true about a sole proprietorship?

http://www.ateneonline.it/libby/docenti/tb/isbn6609-4_tb_Chap001.doc

Date added: February 15, 2012 - Views: 10

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GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) - CMS Login

... is a set of rules and standards that guide accountants as to when and how to properly record transactions and prepare financial statements. ... Example: Land purchased for ... Drawing account used by sole proprietorship business. 1 . Title: GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES)

http://cms.cerritos.edu/uploads/mfarina/ACCT_101_Lecture_Notes_Chapter_1_F14.doc

Date added: August 20, 2014 - Views: 1

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Business Plan - Coastal Carolina University

... sole proprietorship, partnership, corporation? What percentage does each owner own? ... Typical examples are legal and accounting. ... The projected financial statements for the first three years of operation are located in the Appendix.

http://www.coastal.edu/media/administration/sbdc/BusinessPlanTemplate.doc

Date added: June 15, 2013 - Views: 24

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I. The Formulation of Accounting Theory: two crucial questions

I. Owner's Equity for Sole Proprietorship or Partnership. 1. Have separate capital account for each partner. 2. ... TRIAL BALANCE IS NOT A FINANCIAL STATEMENT BUT MERELY PART OF A WORKSHEET USED TO PREPARE FINANCIAL STATEMENTS. Errors Not Detected by a Trial Balance:

http://condor.depaul.edu/kstevens/accy204/accy204/c1-5tra.doc

Date added: August 16, 2013 - Views: 8

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Draft 9-24-04 (DArnold) - New York State Education Department

... Introductions to the accounting equation and financial statements (Balance Sheet, Income Statement, Statement of Changes ... Introduction of the effects of transactions on the accounting equation using service type of business for sole proprietorship. Compilation of initial balance sheet ...

http://www.p12.nysed.gov/cte/business/docs/newcourses/AIM-MathCrosswalkRevised.doc

Date added: October 4, 2011 - Views: 20

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GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) - CMS Login

Information is material if it can effect a decision made by a user of the financial statements. For example, ... Drawing account used by sole proprietorship business. 5 . Title: GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) Author: mfarina Last modified by:

http://cms.cerritos.edu/uploads/mfarina/ACCT%20101%20Lecture%20Notes%20Chapter%201%20F09.doc

Date added: June 22, 2012 - Views: 35

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Financial Statements, Bookkeeping, and Accrual Accounting

Sole proprietorship: ... Sole proprietorships, partnerships and most subchapter s corporations do not pay federal income taxes; all other corporations must pay income taxes. ... The financial statements present fairly, in all material respects, ...

http://www.outlinesumo.com/book/download.php?outline_id=2471&user_credit=&action=download

Date added: May 16, 2013 - Views: 24