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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.
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,90
how the minority interest will be calculated?
Mr. Horace, aged 25, has $25,000 cash to invest for his retirement. In addition, he plans to save and invest $8,000 per year (at the end of every year) for the next 40 years, at wh
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
got 1 question for accounting for business its a 25 min question? can you help in this?
Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i
Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to
20 hypothetical inventory transactions both sale and purchase
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
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