A corporation is a separate legal entity chartered by the state or， in some cases （such as the formation of a national bank）， by the federal government. The liability of corporate shareholders is usually limited to their ownership investment. Unlike single proprietorships and partnerships， corporations must report paid-in equity capital separately from accumulated earnings， called retained earnings. Distributions to shareholders are limited by the amount of retained earnings and other capital specified by state law. It is in the area of owners' equity that differences arise between accounting for a corporation and accounting for a sole proprietorship or partnership.

　　The amounts and kinds of stock that a corporation may issue are enumerated in the company' s charter. Provision may be made for several classes of stock. The charter specifies the maximum number of shares of each class of stock that may be issued. This is the corporation' s authorized stock. Shares that have been sold and issued to stockholders constitute the issued stock of the corporation. Some of this stock may be repurchased by the corporation. Shares actually held by stockholders are called outstanding stock， while those reacquired by the corporation are treasury stock.

　　Common stock represents the basic ownership class of stock for a corporation. Preferred stock may differ from common stock in any of several characteristics. Typically， preferred stocks have some type of dividend preference and a prior claim to assets in liquidation. When the board of directors declares a distribution of earnings， preferred stockholders are entitled to receive a certain annual amount of dividends before the common stockholders receive any distribution. The amount is usually specified in the preferred stock contract as a percentage of the face value （called par value） of the stock or in dollars per share if the stock does not have a par value. Preferred dividends are usually cumulative. Ordinarily， preferred stockholders do not participate further in distributions made by the corporation. In rare circumstances， however， the stock contract may make the preferred a participating stock. Preferred stock may also be partially participating. Ordinarily， preferred shareholders do not have the right to vote in the election of directors. Sometimes， a preferred stock contract confers full or partial voting rights under certain conditions——as when dividends have not been paid for a specified period of time.

　　In the balance sheet， the par values or stated values of different forms of stock （preferred， common） are shown separately， as is any excess or deficiency received for the shares. These differences are called premium and discount， respectively， for par value stock. However， shares are rarely issued at a discount. For no-par stock with a stated value， an appropriate title-for example， paid-in capital in excess of stated value- describes the difference.

　　Treasury stock may be purchased for a variety of reasons， including to reissue them to officers and employees in profit sharing schemes or stock-option plans. Whatever the purpose， the corporation is in reality reducing owner capital for a period of time. It is commonly recorded at cost and shown as a deduction from total stockholders' equity in the balance sheet.

　　股份有限公司是獨立的法律主體，需經(jīng)所在州批準(zhǔn)創(chuàng)立，在某些情況下，則需由聯(lián)邦政府批準(zhǔn)創(chuàng)立（例如全國性銀行的創(chuàng)設(shè)）。公司股東的償債責(zé)任通常以其業(yè)主權(quán)投資為限。與獨資和合伙不同，公司必須把繳入的業(yè)主權(quán)資本與累積的盈利分開報告，其累積的盈利稱為“留存收益”。對股東的分配限制在留存收益的數(shù)額和州公司法具體規(guī)定的其他資本之內(nèi)。正是在業(yè)主權(quán)益這一領(lǐng)域，出現(xiàn)了公司會計與獨資或合伙會計之間的不同。

　　公司可以發(fā)行的股票金額和種類應(yīng)該列舉在公司的章程中，可以規(guī)定發(fā)行幾類股票，章程要具體確定可能發(fā)行的每類股票的最高股數(shù)，這是公司的額定股本。已出售和發(fā)行給股東的股數(shù)構(gòu)成公司的發(fā)行股本。發(fā)行股本中的一部分可能由公司重行購回，實際為股東持有的股份稱為外發(fā)股本，由公司重新取得的那些股份則稱為庫存股份。

　　普通股代表公司的基本業(yè)主權(quán)股本。優(yōu)先股可能在幾種特征上與普通股不同。典型的情況是，優(yōu)先股具有在股利分配上的某種優(yōu)先權(quán)，并且在公司清算時對資產(chǎn)有優(yōu)先要求權(quán)。當(dāng)董事會宣布分配盈利時，優(yōu)先股股東有權(quán)在普通股股東獲得任何分配之前逐年派得一定金額的股利，這一金額通常要具體規(guī)定在優(yōu)先股契約中，它可以表現(xiàn)為股票面值的一定百分比，如果股票沒有面值，則可規(guī)定為每股若干金額。優(yōu)先股股利通常是累積的，一般地說，優(yōu)先股股東不再參與公司的進(jìn)一步股利分配，但在少數(shù)情況下，通過優(yōu)先股契約中的規(guī)定，可以使優(yōu)先股成為可參與分配的或可部分地參與分配的。在選舉董事時，優(yōu)先股股東一般不享有表決權(quán)，有時，優(yōu)先股契約則可能給予優(yōu)先股股東在特定條件下的完全或部分表決權(quán)，例如在規(guī)定的一段時間內(nèi)未能發(fā)放股利時。

　　在資產(chǎn)負(fù)債表中，不同類型的股票（各種優(yōu)先股和普通股）的面值或設(shè)定價值要分開列示，從這些股份上收到的超出額或不足額也應(yīng)如此。對有面值的股票來說，這些差額分別稱為溢價和折價，但股份很少折價發(fā)行。對無面值但有設(shè)定價值的股票來說，則要用諸如“超過設(shè)定價值的繳入資本”等相應(yīng)的名稱來表述。

　　庫存股份的購買可能有各種各樣的原因，其中包括按照利潤分配方案或購股權(quán)計劃重新發(fā)行給高級職員和雇員。不論其目的如何，公司則確實在一段時期內(nèi)減少了業(yè)主資本。庫存股份一般按成本入賬，在資產(chǎn)負(fù)債表中，應(yīng)列示為從股東權(quán)益總額中扣減的項目。