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Entity Concept
In accounting, a business or an organization and its owners are treated as two separately parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. It is necessary to record the business's transactions separately, to distinguish them from the owners' personal transactions. This helps to give a correct determination of the true financial condition of the business. This concept can be extended to accounting separately for the various divisions of a business in order to ascertain the financial results for each division. Under the business entity concept, a business holds separate entity and distinct from its owners. "The entity view holds the business 'enterprise to be an institution in its own right separate and distinct from the parties who furnish the funds" An example is a sole trader A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sole Trader
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people. The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor. It is a "sole" proprietorship in contrast with a partnership, which has at least two owners. Sole proprietors may use a trade name or business name other than their or its legal name. They may have to trademark their business name legally if it differs from their own legal name, with the process varying depending upon country of residence. Advantages and disadvantages Registration of a business name for a sole propri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ballumbie
Ballumbie is a residential area on the north-east edge of Dundee, Scotland. The area was formerly an estate centred on Ballumbie Castle, a mid-16th-century fortification, which was followed by the 19th-century Ballumbie House. There is also a golf course surrounded by a medieval wall and the site of a late medieval parish church. The castle and house are located just outside the City of Dundee, in Angus. Ballumbie Castle Ballumbie Castle was built by the Lovell family. The Royal Commission on the Ancient and Historical Monuments of Scotland record the date of construction as 1545, although Historic Scotland give a date of 14th–15th century. The castle comprised a rectangular enclosure, approximately on a side, with round corner towers, overlooking the Fithie Burn. In the early 17th century it passed to the Maule family, who became Earls of Panmure in 1646. The castle was reported as being ruined by 1682, although the remaining east and south walls were later incorporate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
