{"id":805,"date":"2015-05-13T17:33:51","date_gmt":"2015-05-13T17:33:51","guid":{"rendered":"https:\/\/courses.candelalearning.com\/finacct2x10xmaster\/?post_type=part&p=805"},"modified":"2018-02-10T15:37:43","modified_gmt":"2018-02-10T15:37:43","slug":"forms-of-business-organizations","status":"web-only","type":"part","link":"https:\/\/courses.lumenlearning.com\/clinton-finaccounting\/part\/forms-of-business-organizations\/","title":{"raw":"Unit 13: Forms of Business Organizations","rendered":"Unit 13: Forms of Business Organizations"},"content":{"raw":"
\r\n

Learning Objectives<\/h3>\r\nBy the end of this section, you will be able to:\r\n
\r\n
    \r\n \t
  • Describe and illustrate business organizational characteristics that have accounting implications.<\/li>\r\n \t
  • Describe the distinguishing characteristics of a sole proprietorship.<\/li>\r\n \t
  • Describe the distinguishing characteristics of a partnership.<\/li>\r\n \t
  • Prepare journal entries to record the investments of partners, the distribution of net income or loss to the partners, and the liquidation of the partnership.<\/li>\r\n \t
  • Prepare journal entries to record the withdrawal, either voluntarily or by death, of a partner from the partnership.<\/li>\r\n \t
  • Prepare journal entries to reflect the admission of a new partner to the partnership.<\/li>\r\n \t
  • Describe a \"corporation\" and explain how corporate management is structured.<\/li>\r\n \t
  • List the advantages and disadvantages of being organized as a corporation.<\/li>\r\n \t
  • Describe the rights possessed by common stockholders.<\/li>\r\n \t
  • List and explain the steps followed in organizing a new corporation<\/li>\r\n \t
  • Prepare journal entries to record issuing common stock<\/li>\r\n \t
  • Define treasury stock and prepare journal entries to record the acquisition and sale of treasury stock.<\/li>\r\n \t
  • Describe the major basic rights of common stockholders and compare them to those of preferred stockholders.<\/li>\r\n \t
  • Describe the characteristics of preferred stock<\/li>\r\n \t
  • Prepare a journal entry to issue preferred stock.<\/li>\r\n \t
  • Prepare the stockholders' equity section of the balance sheet.<\/li>\r\n \t
  • Define par value, stated value, market value.<\/li>\r\n \t
  • Distinguish between authorized, issued and outstanding shares.<\/li>\r\n \t
  • Describe and illustrate the accounting for organizational costs.<\/li>\r\n<\/ul>\r\n \r\n\r\n<\/div>\r\n<\/div>","rendered":"
    \n

    Learning Objectives<\/h3>\n

    By the end of this section, you will be able to:<\/p>\n

    \n
      \n
    • Describe and illustrate business organizational characteristics that have accounting implications.<\/li>\n
    • Describe the distinguishing characteristics of a sole proprietorship.<\/li>\n
    • Describe the distinguishing characteristics of a partnership.<\/li>\n
    • Prepare journal entries to record the investments of partners, the distribution of net income or loss to the partners, and the liquidation of the partnership.<\/li>\n
    • Prepare journal entries to record the withdrawal, either voluntarily or by death, of a partner from the partnership.<\/li>\n
    • Prepare journal entries to reflect the admission of a new partner to the partnership.<\/li>\n
    • Describe a “corporation” and explain how corporate management is structured.<\/li>\n
    • List the advantages and disadvantages of being organized as a corporation.<\/li>\n
    • Describe the rights possessed by common stockholders.<\/li>\n
    • List and explain the steps followed in organizing a new corporation<\/li>\n
    • Prepare journal entries to record issuing common stock<\/li>\n
    • Define treasury stock and prepare journal entries to record the acquisition and sale of treasury stock.<\/li>\n
    • Describe the major basic rights of common stockholders and compare them to those of preferred stockholders.<\/li>\n
    • Describe the characteristics of preferred stock<\/li>\n
    • Prepare a journal entry to issue preferred stock.<\/li>\n
    • Prepare the stockholders’ equity section of the balance sheet.<\/li>\n
    • Define par value, stated value, market value.<\/li>\n
    • Distinguish between authorized, issued and outstanding shares.<\/li>\n
    • Describe and illustrate the accounting for organizational costs.<\/li>\n<\/ul>\n

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