You have been selected as the accounting student to help Owen Watt. Based on the details provided
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Question:
You have been selected as the accounting student to help Owen Watt. Based on the details provided in case study 3, you are required to briefly explain to Owen the different types of profit-making business entities available to him to expand his business. In your comprehensive explanation, you are required to provide the following details;
- The advantages and disadvantages of the different types of business entities. Your answer must be linked to the case study and Bright Spot practice set (taking into account the type of business that Owen currently have and details provided in the practice set).
- For each type of business entity that you are referring to in your answer: you are required to make reference to at least three (3) different accounting procedures and practices from the Bright Sport practice set that would be affected by the change in the type of business.You need to provide reasons as to why you think his accounting procedure and practices would be affected.
- References must be made to Bright Spot financial statements and stating if the format of the financial statements would change and why.
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