文档介绍：Advanced Financial Accounting
Introduction
The Development of Financial Accounting in the 20th Century
What is Advanced Financial Accounting?
The research scope and contents
Accounting for Mergers and Acquisitions is our focus.
Characteristics of pany
Legal personality
Limited liability
Ownership by share
Perpetual ession
Ability to raise capital
Professional management
Types panies
Size of Ownership The pany
The pany
Mode of participation The pany
The pany
Extend of liability Limited liability
No liability
Unlimited liability
Types panies
pany are panies limited by guarantee. They are formed mainly for charitable purposes munity service, rather than with profit-making objectives. They do not issue shares and have no capital as such, for they rely for finance on donations, grants and fundraising activities. panies are also used for professional associations, for example, CPA Australia. The members of panies are not shareholders, nor do they expect distributions from pany. The financial involvement is confined to a contingent arrangement. In the event of pany being liquidated and being unable to pay all its debts, each member undertakes to pay up to an agreed sum to meet the shortfall on liquidation. The member is thus a guarantor, in a fixed amount, of pany’s indebtedness, and this guarantee, like the share, defines the maximum liability that the member can incur.
Types panies
No panies are confined to the mining sector of the economy and must be panies with a share capital. A shareholder’mitment to pany does not exceed that amount already paid for the shares. Even if the shares are issued payable in installments, the shareholder is not obliged to make any further payments. If a shareholder does not decide to pay a call, the share are withdrawn and must be sold at public auction. Thus the cost of non-payment is forfeiture of the shares and related to ownership rights. There is no liability in the event of liquidation.
pany name of a no pany must inc