1) why does a corporation require common shares and a sole proprietorship does not? Explain fully and provide an example to illustrate your explanation. 2) what is the purpose of a petty cash fund? How does it operate? What types of controls should be in place to safeguard these funds? 3) a company incurred a net loss of $250,000. Does that mean the business lost $250,000 of cash? Explain 4) what are adjustments, when are they journalized, and why? What principals or characteristics are involved?
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1) why does a corporation require common shares and a sole proprietorship does not? Explain fully and provide an example to illustrate your
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