What is a corporation accounting?

We define corporate accounting as the branch of a company that handles its various
accounting tasks and issues. Unlike traditional accountants, corporate accountants
provide a tremendous service to your company. Some of their tasks include: Preparing
accounts. Creating cash flow statements.

What are the two methods of accounting for?

There are two primary methods of accounting— cash method and accrual method. The
alternative bookkeeping method is a modified accrual method, which is a combination of
the two primary methods.

What is the main difference between partnership and corporation?

The main difference between a partnership and a corporation is the separation between
the owners and the business. Corporations are separate from their owners, but in
partnerships, owners share the business's risks and benefits. In a partnership, two or
more individuals who wish to do business together form a company.

What do partnership and corporation have in common?

Understanding the similarities of partnership and corporation is an important part of
choosing a structure for your business. Basically, the only similarity between these
entities is that they are both owned by groups of people instead of an individual.

What is the law on partnership and corporation in the Philippines?

How to Start a Business in the Philippines. A partnership is defined by the Philippine
Civil Code Article 1767 as a contract between two or more persons that agree to
contribute money, property, or industry to a shared fund to split the profits among
themselves.

Who is responsible for the liabilities of a corporation?

Thus, the liabilities of a corporation are also separate and distinctly its own and as a
general rule, shareholders, directors and officers are not personally liable for the debts
of a corporation. In some limited instances, an individual member of a corporation may
be held liable for the liabilities of a corporation.