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State the term - Partnership
A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in common with sole-proprietor businesses. They are generally quite small in size (Though some, like partnerships of accountants and solicitors, can be large). Partnerships are also easy to set up as no formal procedures are needed (and it's not even essential to have a written agreement between partners). Partners can agree whatever arrangements suit them concerning the financial and management aspects of business. In the same way, partnership can be restructured or dissolved by agreement between the partners.
Partnerships aren't recognised in law as separate entities and so contracts with third parties should be entered into in name of individual partners. Partners of a business generally have unlimited liability.
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
what are the levels of accounting theory
Investment banking is a is an instrument which is used by the financial organization to take a improved investment decision like issuing IPO stocks bond etc.
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
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Q. Recording changes in revenues and expenses? Examine that Notes Payable, liabilities and increase with an entry on the right (credit) side of the account. Recording changes i
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AL MASA a sole trader,decided to install a new machine to use
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
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