question archive You have decided that Jess should use a proprietorship for her business form
You have decided that Jess should use a proprietorship for her business form
Subject:AccountingPrice: Bought3
- You have decided that Jess should use a proprietorship for her business form.
- Why would you recommend it? Provide two reasons why this might make the most sense for her.
- What are some of the differences that would make a proprietorship more suitable than a partnership or corporation, at least at the onset? Provide at least three reasons differences.
- Will Jess need accounting information?
- If yes, what information will she need and why? Remember, she is a small business, so think about what will be most important to her.
- How often will she need this information?
- If yes, what information will she need and why? Remember, she is a small business, so think about what will be most important to her.
- How often will she need this information?
- In addition to Jess, who do you anticipate to be the users of Okanagan Smoothies accounting information? What information will these identified users need and why? Remember Jess is just a small business, so make sure your answer is applicable to her business.
- Identify specific asset, liability, and equity accounts that Okanagan Smoothies will likely use to record its business transactions. Remember that equity includes revenue and expense accounts.
- Jess already has a personal bank account. Should Okanagan Smoothies open a separate bank account for its business?
