ACC 630 SNHU Accounting Business Entities Partnerships and Corporations Paper

ACC 630 Milestone One Guidelines and RubricFor the final project in this course, you will imagine you are a new CPA in an accounting firm. You have been asked to prepare a report on the differences in
accounting practices for partnerships versus corporations in different scenarios, such as a major lawsuit, consolidation, estate planning, and use of a trust. You
are to use a particular large corporation as your comparative example. Choose one of the following: Walmart, Kroger, Amazon, Costco, The Home Depot, CVS
Health Corporation, or Target. You don’t have to choose a particular partnership for comparison.
This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Section I of the final
project. Prepare a Word document that addresses the critical elements below in relation to your chosen corporation. Answer each question in a substantive
way, and defend each of your responses with at least one scholarly source other than your textbook. Pay close attention to the grading rubric to make sure you
meet the “Proficient” level in each requirement.
Specifically, the following critical elements must be addressed:
I.
Business Entities—Partnerships and Corporations
Assume your company is involved in a major lawsuit and the probable damages are estimated to be $2,000,000.
A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership. Support your answer.
B. How do disclosure requirements differ from a corporation to a partnership, and what information is required? Support your answer.
C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response and support your answer.
D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response and support your answer.
Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title and reference pages). Use double spacing, 12point Times New Roman font, and one-inch margins. For references, you should use at least one outside source other than the textbook. Sources should be cited
using the latest APA style guidelines.
Rubric
Critical Elements
Business Entities:
Damages Estimate
Business Entities:
Disclosure Requirements
Proficient (100%)
Describes the effects the damages
estimate would have on the
statements based on the company
being set up as a corporation
Identifies how disclosure requirements
differ from a corporation to a
partnership, and identifies what
information is required
Needs Improvement (70%)
Describes the effects the damages
estimate would have on the
statements, but does not base this on
the company being a corporation
Identifies how disclosure requirements
differ from a corporation to a
partnership, but does not identify what
information is required
Not Evident (0%)
Does not describe the effects the
damages estimate would have on the
statements
Value
22.5
Does not identify how disclosure
requirements differ from a corporation
to a partnership
22.5
Critical Elements
Business Entities:
Personal Liability
Proficient (100%)
Determines whether the shareholders
are at risk for any personal liability and
defends response
Business Entities:
Partnership
Determines whether the partners
would be at risk for personal liability
and defends response
Articulation of Response
Submission has no major errors related
to citations, grammar, spelling, syntax,
or organization
Needs Improvement (70%)
Determines whether the shareholders
are at risk for any personal liability, but
does not defend response or defense is
weak or cursory
Determines whether the partners
would be at risk for personal liability,
but does not defend response or
defense is weak or cursory
Submission has major errors related to
citations, grammar, spelling, syntax, or
organization that negatively impact
readability and articulation of main
ideas
Not Evident (0%)
Does not determine whether the
shareholders are at risk for any
personal liability
Value
22.5
Does not determine whether the
partners would be at risk for personal
liability
22.5
Submission has critical errors related to
citations, grammar, spelling, syntax, or
organization that prevent
understanding of ideas
10
Total
100%