COMPANY ACCOUNTS : LSUS

FINANCIAL ACCOUNTING SSS3 FIRST TERM        

WEEK 7

COMPANY ACCOUNTS

Performance Objectives

Students should be able to:

1.       What is a Company?

2.       Mention and explain three types of companies.

Contents

A Company is a business owned, managed, controlled and financed by an association of people who possess legal entities with the usual motive of maximizing owners’ wealth.

KIND OF COMPANIES

There are three kinds of companies. They are:

  1. Company Limited by Share: This is a company whose owner's liabilities are limited to the value of shares subscribed in the company.
  2. Company Limited by Guarantee: These are companies whose owners' liabilities is limited to the value of share subscribed in the company plus additional fund

they undertake to pay into the company in case of liquidation.

  1. Unlimited Company: This is a company whose.... View More

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