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It is summer of 2021, you have not been able to find work, however a vaccine...

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Accounting

It is summer of 2021, you have not been able to find work,however a vaccine for COVID – 19 is now in widespread use, yourselfincluded. As a clever forward-looking business student, you havedecided to get experience by starting and operating your ownbusiness, a lemonade stand you have named “bora bora”. In yourplanning you have identified that there is potential to build asustaining company, and as such you set up an accounting system andformal business structure. You have no business partners.

You decide the first tasks are as follows.

Set up all the required Financial Statements, withproper formatting, so they can be used later

Clearly show the equation structure for each,

Give examples of items (Accounts) that will likely be includedon each statement.

Discuss the different types of business structures “Borabora” could adopt. Pick an option for the business and support yourreasoning for why it is most appropriate.

Identify if you will have to follow IFRS or ASPE,explain why.

Answer & Explanation Solved by verified expert
4.3 Ratings (653 Votes)
Types of Business structures are as follows1 Business partnershipa General partnershipb Limited partnership c LimitedLiability Company2 Sole proprietorship3 CorporationCompanya C corporation b Scorporationc NonprofitcorporationTo choose type of business structure    See Answer
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