Three common forms of business organizations are sole proprietorship, partnership and corporation. Sole proprietorship is owned and managed by one person. Partnership has more than
Category: Financial Accounting Review
Business activities are classified into operating, investing and financing activities. Operating activities Operating activities include the following transactions: Issuance of stock Borrowings from a bank
Research and Development (R&D) costs are recognized as an expense during the period. Being recognized as an expense means that such costs are not capitalized