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Approaches to accounting for equities

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(a) Describe briefly the following three approaches to accounting for equities:

(i) Proprietary theory

(ii) Entity theory

(iii) Funds theory

(b) State your reasons for emphasizing the application of one of these theories to each of the following:

(i) Single proprietorship

(ii) Partnership

(iii) Financial institutions (banks, insurance companies, etc.)

(iv) Consolidated statements

(v) Estate accounting

(c) List and discuss the types of information commonly disclosed in the footnotes to corporate financial statements. Why are these important to investors and other stakeholders?

Note: Support your statements with scholarly peer-reviewed and professional business peer-reviewed publications

Reference no: EM133207367

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