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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.
Q. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
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Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
Q. Explain Inventory turnover ratio? An important ratio for managers, investors, and creditors to consider when analyzing a company's inventory is the inventory turnover ratio.
What is accounting process?
Terry Dorsey started Dorsey Hardware a tiny hardware store two years ago and has struggled to make it successful. The first year of operations effected in a substantial loss in the
is money deposited to the municipality for electricity current assets
Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb
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