Corporation
-artificial being
-created by operation of law
-right of succession
-power, attributes and properties
Classes:
1. Stock
2. Non-stock
Steps in creation:
1. Promotion
2. Incorporation
3. Commencement
Components:
-Corporators
-Incorporators
-Shareholders
-Members
-Subscribers
-Promoters
-Underwriters
-Independent Director
Classes of Shares
-Par
-No par
-Stated Value
-Voting
-Non Voting
-Ordinaey
-Preference
-Premium
-Promotion
-Treasury
-Convertible
Two basic types of shares
-Ordinary
-Preference
-
Terms of Transaction
-Cash
-Trade
Transporation Costs
-Shipping point
-Destination
-Prepaid
-Collect
Inventory System
-Perpetual
-Periodic
Subsidiary Ledger
-a detailed record of transactions with individual customers
Special Journals
-Sales
-Cash Receipts
-Purchases
-Cash Disbursement
-General Journal
Elements of Manufacturing Costs
-Direct Materials
-Direct labor
-Manufactuting Overhead
**
Credits to Sir Ballada's book
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Accounting
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