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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.
XYZ Technology had $640,000 of retained earnings on December 31, 2010. The company paid common dividends of $50,000 in 2010 and had retained earnings of $500,000 on December 31, 20
what is the contributed capital and how do you figure it out?
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
Cross indexing is made up
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?
An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
Q. Explain about Accounting period? As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organ
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
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