MGAC02H3 Chapter 15: Chapter 15 Notes

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30 Dec 2011
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Debits: net loss, prior period adjustments (error corrections) and certain changes in accounting principle some treasury share transactions, cash, property, and most stock dividends. Differences between a stock split and stock dividend y. Summary of learning objectives: discuss the characteristics of the corporate form of organization. The three main forms of organization are the proprietorship, partnership, and corporation. Incorporation gives shareholders protection against claims on their personal assets and allows greater access to capital markets. An additional right to share proportionately in any new issues of shares of the same class (called the pre-emptive right) may also be attached to the share: describe the major features of preferred shares. Preferred shares are a special class of share that possess certain preferences or features that common shares do not have. Most often, these features are a preference over dividends and a preference over assets in the event of liquidation. Many other preferences may be attached to specific shares.

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