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For the final project , you will continue to work with the retail company that you chose in ACC 610 or , if you transferred into ACC 620 , you will continue with the retail company you chose from the following options : Wal-Mart , Target , Sears , Kroger , or Amazon . You have adopted this company to apply learning concepts in authentic scenarios . For this project , you will conclude the portfolio that you have been assembling throughout the financial reporting series .
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 . You will prepare a Word document that addresses the critical elements below . Make sure you answer each question in a substantive way and defend your content with at least one scholarly source other than your textbook . You will want to pay close attention to the grading rubric in order to make sure you meet the exemplary 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 .
B . How do disclosure requirements differ from a corporation to a partnership and what information is required ?