Miss Cohelo runs a small dry ckeaning business in Perth.A friend said to her that she should prepare a business balance sheet to show her the financial position of her business.
"Oh yes"says Miss Cohelo,"that's where I can shoiw every thing I own,and everything I owe.I should include all my Personal Assets like my house,my personal car,my furniture.This is then added to all the business assets like business equipment,business furniture&fittings and also show what my business owes to the Creditors."
(a)Explain what is wrong with Miss Cohelo's statement using ONE accounting concept you have studied so far.
(b)Explain to Miss Cohelo the difference between Debtors and Creditora.
Use n exanple of each to illustrate the difference for a Dry cleaning business.
(c)What type of business is Cohelo's Drycleaning;Merchadise or Service?Explain the reason for your choice.
Q2.
The commercial world distinguishes between business based on their legal structure.
(a)List 4 different business structures commonly found in the commercial world.
Describe any special requirements in the naming of these business structures.
(b)Briefly discuss th differences in the liability of the OWNER/s in the 4 business structures you listed above.Explain why these differences exist.
(c)Describe 3 Advantages of just ONE of the business structures mentioned above.
更新1:
can it be more detail?because every questions have at least 10 lines except 1(c) & 2(a)..thanks