Capital account, An account used in a partnership to record an individual partner's

Capital account

An account used in a partnership to record an individual partner's investment in the partnership plus the indi- vidual's share of any undistributed partnership income. In a corpo- ration, the equity sections have two parts: the contributed capital and retained earnings first works as the amount of shareholder investment, and the second works as the undisturbed income of the firm. In a partner- ship, the equity section have a capital account for each partner that combines that partner's investment and share of undistributed income.

View Complete Question

Related Questions in Managerial Accounting

Q : Define the term Strategic management

Briefly define the term Strategic management and also state the reason why it is designed?

Q : Benefit of economic in accounting

Write down a short note on the benefit of economic in accounting management information?

Q : How do tax influence the cost of debt

Normal 0 false false

Q : Explain Cost Assignment Cost Assignment

Cost Assignment: A procedure which identifies costs with activities, outputs, or another cost objects. In a wide sense, costs can be assigned to activities, processes, products, organizational divisions, and services. There are three

Q : Main users of the accounting information

Briefly list out the main users of the accounting information which are related to the business?

Q : When does a partnership exist A) A

A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a

Q : What is Direct Cost Direct Cost : The

Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o

Q : Reasons for favoring partnership deed

Give reasons in favor of having a partnership deed. Answer: A) In situation of any dispute or doubt, Partnership deed is the gui

Q : Appropriations The term used in

The term used in governmental accounting to identify amounts that the governmental unit is authorized to spend for debt repayment, operating activities, and asset acquisition. The appropriations account is a budgetary account that acts as a control account for all budgeted expenditures. More usua

Q : Define Job Costing Job Costing : It is

Job Costing: It is an order-specific costing method, utilized in situations where each job is distinct and is executed to the customer's specifications. Job costing includes keeping an account of direct and in-direct costs.

Discover Q & A

Leading Solution Library

Avail More Than 1412742 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1929608
Asked

3,689

Active Tutors

1412742

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment