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Long-Term Notes

The previous post Current Liabilities and Employer Obligations illustrations of notes were based on the assumption that the notes were of fairly short duration. Now, let’s turn our attention to longer term notes. A borrower may desire a longer term for their loan. It would not be uncommon to find two, three, five-year, and even longer term notes. These notes may evidence a term loan, where interest only is paid during the period of borrowing and the balance of the note is due at maturity.

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Question: Above, in discussing the possible decisions that could be made about an organization, ownership shares were mentioned. Occasionally, on television, in newspapers, or on the Internet, mention is made that the shares of one company or another have gone up or down in price during that day because of trading on one of the stock markets. Why does a person or an organization acquire ownership shares of a business such as Capital One or Intel?

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When searching for the best accounting software, we looked for solutions that are affordable and easy to use. We also looked for time-saving features that take the headache out of small business accounting, such as automated entries, invoicing, bill payments, expense reports, financial reports and reconciliations. Additionally, we looked for software that make it simple to perform advanced tasks, such as built-in financial reports and data syncing, for instance, with point of sale (POS) systems and bank accounts.

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The Corporate Form of Organization

Corporations are separate legal entities having existence separate and distinct from their owners (i.e., stockholders). In essence, they are artificial beings existing only in contemplation of law. In the United States, a corporation is typically created when one or more individuals file “articles of incorporation” with a Secretary of State in the particular home state in which they choose to become domiciled.

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Learning objectives

  • After studying this introduction, you should be able to:
  • Define accounting.
  • Describe the functions performed by accountants.
  • Describe employment opportunities in accounting.
  • Differentiate between financial and managerial accounting.
  • Identify several organizations that have a role in the development of financial accounting standards.