Identify two distinct entities. These could be corporations, partnerships, proprietorships, not-for-profit or ganizations, or any other type of entity you are familiar with or can obtain information about. Identify the characteristics of each entity. (You can use the characteristics listed in Figure 1.2.) Explain how the entities differ.
Answer to relevant QuestionsIdentify two different corporations that are in a similar business. Identify the characteristics of each corporation. Explain how the corporations are similar and how they differ.Consider the following entities. Identify the stakeholders in each of the entities. What types of decisions would each of these stakeholders want to make?a. A local, privately owned convenience store (not part of a chain).b. ...Otto Collector owns a vintage 1925 Ford automobile. You obtain the following information about the car:a. What Otto paid for the car in 1983 $29,000b. Selling price of a similar car one year ago $80,000c. Price offered (and ...Explain why adjusting entries are necessary in accrual accounting but not required when the cash basis of accounting is used.Why do entities divide assets, liabilities, and owners' equity into sub-accounts rather than accumulating data simply as assets, liabilities, and owners' equity?
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