ACC 630 Milestone One Guidelines and Ruic For the final project in this course, you will imagine...

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ACC 630 Milestone One Guidelines and Ruic   For 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 ruic 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, 12-point 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.    Ruic  Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Business Entities: Damages Estimate Describes the effects the damages estimate would have on the statements based on the company eing set up as a corporation Describes the effects the damages estimate would have on the statements, but does not base this on the company being a corporation Does not describe the effects the damages estimate would have on the statements 22.5 Business Entities: Disclosure Requirements Identifies how disclosure requirements differ from a corporation to a partnership, and identifies what information is required Identifies how disclosure requirements differ from a corporation to a partnership, but does not identify what information is required Does not identify how disclosure equirements differ from a corporation to a partnership 22.5Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Business Entities: Personal Liability Determines whether the shareholders are at risk for any personal liability and defends response Determines whether the shareholders are at risk for any personal liability, but does not defend response or defense is weak or cursory Does not determine whether the shareholders are at risk for any personal liability 22.5 Business Entities: Partnership Determines whether the partners would be at risk for personal liability and defends response Determines whether the partners would be at risk for personal liability, ut does not defend response or defense is weak or cursory Does not determine whether the partners would be at risk for personal liability 22.5 Articulation of Response Submission has no major eors related to citations, grammar, spelling, syntax, or organization Submission has major eors related to citations, grammar, spelling, syntax, or organization that negatively impact eadability and articulation of main ideas Submission has critical eors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%  ACC 630 Milestone Two Guidelines and Ruic   This is the second of three milestone assignments that will lead to the completion of your course’s final project. In this assignment, you will complete Section III of the final project. For this part of the assessment, prepare a Word document that addresses the critical elements below in relation to your chosen company. 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 ruic to make sure you meet the “Proficient” level in each requirement.  Specifically, the following critical elements must be addressed:   III. Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response.  C. Describe your company’s succession plan and whether it aligns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why?  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, 12-point Times New Roman font, and one-inch margins. For references, use at least one outside source other than the textbook. Sources should be cited using the latest APA style guidelines.  Ruic  Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Estate Planning: Minimizing Tax Liability Explains how estate planning differs from a partnership to a corporation in terms of minimizing tax liability Explains how estate planning differs from a partnership to a corporation, but not in terms of minimizing tax liability Does not explain how estate planning differs from a partnership to a corporation 22.5 Estate Planning: Advantages Determines the advantages of setting up a usiness as a corporation versus a partnership for estate planning purposes and defends response Determines the advantages of setting up a usiness as a corporation versus a partnership for estate planning purposes, ut does not defend response or defense is weak or cursory Does not determine the advantages of setting up a business as a corporation versus a partnership 22.5 Estate Planning: Succession Plan Describes the company’s succession plan and whether it aligns with the company’s vision Describes the company’s succession plan, ut does not describe if it aligns with the company’s vision, or description is cursory or inaccurate Does not describe the company’s succession plan 22.5 Estate Planning: Strategy Determines which strategy would be most effective and defends response Determines which strategy would be most effective, but does not defend response or defense is weak or cursory Does not determine which strategy would e most effective 22.5Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Articulation of Response Submission has no major eors related to citations, grammar, spelling, syntax, or organization Submission has major eors related to citations, grammar, spelling, syntax, or organization that negatively impact eadability and articulation of main ideas Submission has critical eors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10  Total 100%

Arundhati · Accepted Answer

Differences in Accounting Practices
Student’s Name:
Student’s ID:
Subject:
Table of Contents
Business Entities—Partnerships and Corporations	3
Estate Planning	5
References	8
Business Entities—Partnerships and Corporations
Answer A: 
The effects of damage estimates will be considered in a similar way on the financial reports of a partnership and corporation until otherwise identified.  The damages from court cases can be regarded as contingent liabilities since the losses might take place; they have not still taken place. The losses from contingent liabilities are only realized when a particular case happens, which generates the actual expenditures (Dumont, 2015). In terms of the court case of Amazon, the firm is presently involved in a crucial court case, and the possible damages are projected to be $2,000,000. The court case is the firm is presently involved in; the losses would only turn up if the firm is found guilty and loses the court case. It the firm is found guilty, no damages or liabilities will be liable to the company.
Answer B: 
In the partnership, it is predicted that the possible damages does not decrease the basis of the partners in their interest in partnerships. So, the contingent liabilities could be reported in a future period accounting relying on the contract of the partners or if needed to do so by an appropriate authority. The possible damages would be disclosed like any other liabilities in the financial reports. But, the possible losses on the court cases might decrease the prices, the new future partner will have pay for the interests in partnership on the next sales. The timings of the disclosure are distinguished from the corporation in comparison to the partnership (Fuschi, 2016). 
On the other hand, in the corporation, the possible damages are predicted to be revealed in the balance sheets as liabilities and in income statements as expenses. It will be revealed in the financial reports of the firm as liabilities since they would decrease the interests of the shareholders that they possess in the firm. 
Answer C: 
Generally, the shareholders of the corporation are not at the risks of any personal liabilities if the firm is established as a corporation and the creditors will be capable to collect their debts by managing the resources of the corporation. The shareholders have partial responsibility for the obligations, and other duties like the damages emerging from the court cases of the corporation as the personal liability of a shareholder are mostly limited (Hayes, Maslen, Scott-Young & Wong, 2018). But as Amazon is involved in court cases, so the court can levy personal liability on its shareholders, and the shareholders could be held responsible for personally in the lawsuits where they had personally guaranteed or co-signed the debts of the corporation. 
Answer D:

ACC 630 Milestone One Guidelines and Rubric For 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...

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