Accounting II - Reference Guides

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2 Jun 2015
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L e a r n r e f e r e n c e r e v i e w permacharts. Equity (for proprietorships and partnerships) consists of the owners" capital accounts (contributed capital and owners" share) of the entity"s income, losses, and the individuals" withdrawals for all periods of the entity"s life. Shareholder"s an investment into a company of which the. Equity investor receives stock certificates identifying their percentage of ownership; divided between contributed capital and retained earnings. Proprietorship owners have unlimited liability for claims against the or partnership business; earnings are taxed as personal income and the life of the business is limited to the owners" life. Required to file letters (patent/articles/charter) that define the business, bylaws, directors, and so on with a government regulatory body; it may be public or private, it has an indefinite life, and pays taxes on firm net income.

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