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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.
effects of technology in banking sector
Q. Explain horizontal analyses and using the financial results? The computation of dollar and or percentage changes from one year to the next in an item on financial statements
Cash Flow Statement Vs Funds Flow Statement: together the Cash Flow Statement and Funds Flow Statement give approximately comparable picture of the firm. They don't be different
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure. Under perpetual inventory procedure the inventory account is constant
My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g
Q. What do you mean by Aging? Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to60 days old, 60 to 120 days old and so on.) Aging perm
the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?
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