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Q. What do you mean by partnership?
A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the business as well manage the business. Several small retail establishments and professional practices such like physicians, dentists, attorneys and many CPA firms are partnerships. A partnership commences with a verbal or written agreement. A written agreement is preferable for the reason that it provides a permanent record of the terms of the partnership. These terms comprise the initial investment of each partner the duties of each partner and the means of dividing profits or losses between the partners each year and the settlement after the death or withdrawal of a partner. Each partner perhaps held liable for all the debts of the partnership and for the actions of each partner within the scope of the business. But as with the single proprietorship for accounting purposes the partnership is a separate business entity.
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (
Q. Uses of technology in accounting? The computers of persons in a given building or department are frequently connected in a Local Area Network (LAN). These persons are able t
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Determine the term - Working capital and current ratio Determining these ratios would help a business determine if will have enough capital to operate and can meet their debts.
Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting
You have been engaged internal auditor by the management of Alden proprietary limited to review its internal control over the purchases, receipt, storage and issue of raw material.
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
what is the mission of the Accounting and Finance Functional Area
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