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    Principles of Accounting and Business Entities

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    1. What are the three types of business entities, and how they differ?

    2. What are the three major areas of accounting?

    3. What led the passage of the Public Company Accounting Reform and Investor Protection Act of 2002?

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    Solution Preview

    1. What are the three ypes of business entities? How do they differ?
    Sole Proprietorship-single owner, unlimited liabilty, easy to open and close, hard to run and be successful
    Partnership-two or more people working together; sometimes both involved in ...

    Solution Summary

    The solution examines principles of accounting and business entities. The three major areas of accounting are discussed.