Auditing (2)

Auditing (2).

Company's assets are usually divided into current and fixed assets.

Current assets is asset which will be used in less than a year. It can be cash, stock and inventory.

Fixed assets are assets that will continue to be used by the business for many years. It can be buildings, equipment, machinery.

partnership can also be a legal entity in was continental European countries legal entities has a separate legal existence from its owners, who usually is shareholders.

When people found companies, they prepare articles of association and memorandum of association. The Articles of Association : (right and duties of the shareholders and directors, relationship between different classes of shareholders; relationship among shareholders-company-directors). The Memorandum of Association: ( company's name; company's registered office location; authorized share capital)