Annexe A: Corporate contre individuelle ou Comptabilité partenariat
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Annexe A: Corporate contre individuelle ou Comptabilité partenariat

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  • Notes d'étude
  • Révisions du sujet
    Jude K.
    PG
    Jude K.

    I have learnt a lot , especially recapping my knowledge and understanding of basic accounting

    Md.Nur-E- A.
    BD
    Md.Nur-E- A.

    Corporate approch is more used nowadays

    Md.Nur-E- A.
    BD
    Md.Nur-E- A.

    Why don't all kinds of small business use Corporate approch?

    Kooagile K.
    BW
    Kooagile K.

    partnership accounts is the accounts kept by partners they include an appropriation account in which the profit is shared in accordance with the partnership agreement this may be in the form of salaries interest on capital and a share profit in appropriate profit-sharing ratio unlike sole proprietorship where by the profit is for one person

    Kangira J.
    UG
    Kangira J.

    The two principal differences between accounting for a proprietorship or partnership and accounting for a corporation: • Different accounts are used to record owners’ equity • Different procedures are used to distribute income to owners • Corporations calculate and pay federal income taxes • Corporations must pay federal income tax on the net income • Proprietorship and partnership net income is treated as part of each Owner’s personal income for income tax purposes Principal 1 • A corporation’s ownership is divided into unite – share of stock • Stockholder: an owner of one or more shares of a corporation and is an owner of a corporation • A separate owner’s equity account is not maintained for each owner of a corporation – use Capital Stock account • Owner’s equity accounts for a corporation are listed in the Stockholder’s Equity division • A second Stockholder’s equity account is used to record corporation’s earnings • Retained Earnings: an amount earned by a corporation and not yet distributed to stockholders • Net Income increase a corporations total stockholder equity • A third stockholder’s equity account is used to record the distribution of corporations’ earnings to stockholders • Dividends: earnings distributed to stockholders • Divided account is a temporary account like a drawing account and is debited each time a dividend is declared • At the end of each fiscal period, the balance in the dividends account is closed to Retained Earnings • Board of Directors: a group of persons elected by the stockholders to manage a corporation • Dividends can only be distributed if the board formally does it • Declaring a dividend: action by a board of directors to distribute corporate earnings to stockholders • Dividend are normally declared on one date and paid on a later date • Once declared must be paid out but there is no requirement to declare a dividend • The declared dividend is a liability that must be recorded in the corporation’s accounts • When a dividend is declared Dividends is debited and Dividends Payable is credited • To find the amount: # of shares outstanding x Dividend per Share = Total Dividends • One check is issued for the total amount of dividends to a special checking account then individual checks are written to the stockholders (just like payroll) • Paying the dividend: debit Dividends Payable and credit Cash in the CP journal Principal 2 • Businesses use worksheets to plan adjustments and provide information needed to prepare financial statements • Do Trial Balance on worksheet • Make adjustments to the following account so Interest Income  Uncollected Accounts Expense Merchandise Inventory Supplies Prepaid Insurance Depreciation Expense – Office Equipment Depreciation Expense – Store Equipment Interest Expense Federal Income Tax Expense Interest Income – credit & Interest Receivable – debit Collectible Account Expense – debit & Allowance for Uncollected Accounts – credit Merchandise Inventory & Income Summary (Ending Merchandise Inventory – Beginning Merchandise Inventory = Adjustment) If Ending is higher than debit Merchandise Inventory and credit Income Summary. If Beginning is higher than credit Merchandise Inventory and debit Income Summary. Supplies – credit & Supplies Expense – debit Prepaid Insurance – credit & Insurance Expense – debit Depreciation Expense – debit & Accumulated Store or Office Depreciation – credit Interest Expense – debit & Interest Payable – credit

    Iqra Moahmed A.
    SO
    Iqra Moahmed A.

    good partnership is more important sole partnership,

    Edwin T.
    MW
    Edwin T.

    The topic has helped in understanding accounting concepts which are vital in the journey of becoming one of the prominent accountant. This stuff is vital

    Ariel S.
    US
    Ariel S.

    Is a sole proprietorship greater than partnership accounting.

    Ariel S.
    US
    Ariel S.

    How can bussiness servive if withdrawls are needed to stay a float.

    Michaela Umu L.
    SL
    Michaela Umu L.

    where there are members interests or investment equity for shareholders (company) where decision making must take into consideration these important role players Company investment. On the other hand, sole proprietorship is a less complex arrangement involving its individual founder and sole owner while partnership involves two or more individuals all of whom are involved in the running business and need accounting for effective decision making.

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