If oxbow corporation does not record a sale made on account in december until a month later when the customer pays its invoice, Assets will be understated on the balance sheet, while revenues will be understated on the income statement.
A legal entity is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now allow the formation of new companies through registration.
A corporation is a business entity owned by shareholders who elect a board of directors that oversees the activities of the organization. A company is responsible for its actions and finances, but its shareholders are not.
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