The proprietary theory, the entity theory, and the funds theory are three approaches to accounting for equities.

Question:

The proprietary theory, the entity theory, and the funds theory are three approaches to accounting for equities.

Required:
a. Describe briefly each of these theories.
b. State your reasons for emphasizing the application of one of these theories to each of the following:
i. Single proprietorship
ii.
iii. Financial institutions (banks)
iv. Consolidated statements

v. Estate accounting

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...