Features of partnership, Write some main features of partnership? Answer : Essential

Features of partnership

Write some main features of partnership?

Answer: Essential elements or major features of Partnership are as follows:

A) Two or more persons: Partnership is a relationship of two or more persons.
B) Agreement: Partnership is established by an agreement either orally or in writing.
C) Lawful Business: The Partnership made for the reason of carrying a business; it should be a legal business.

View Complete Question

Related Questions in Managerial Accounting

Q : Management accounting-scope Write down

Write down the scope of Management accounting?

Q : Illustrations of unethical and

Write down a brief note on the illustrations of unethical and unacceptable actions?

Q : Define Cost Accounting Practice Cost

Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.

Q : Define partnership A partnership is

A partnership is stated as ‘the relationship which subsists among persons carrying on business in common with a view togain or profit’

Q : Deficiency of a partnership deed In the

In the deficiency of a partnership deed, how are mutual relations of partners managed? Answer: In the absence of Partnership deed, the mutual relations are managed b

Q : Define Traceability Traceability : The

Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.

Q : What do you mean by the term Mission

What do you mean by the term Mission statements? Briefly describe it.

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 : What is Outputs Outputs : Any product

Outputs: Any product or service formed from the consumption of resources. This can comprise information or paper work produced by the completion of the tasks of an activity.

Q : Acquisition entry on Balance Sheet 1.

Discover Q & A

Leading Solution Library

Avail More Than 1425077 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1928136
Asked

3,689

Active Tutors

1425077

Questions
Answered

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

Submit Assignment