Partnership from Accounting point of view

Describe the status of partnership from an accounting point of view?

Answer: From an accounting point of view, partnership is a separate business entity. From legal point of view, though, a Partnership, similar to a sole proprietorship, is not separate from the owners.

View Complete Question

Related Questions in Managerial Accounting

Q : Define Cost Avoidance Cost Avoidance :

Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

Q : Define Avoidable Cost Avoidable Cost :

Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.

Q : Main users of the accounting information

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

Q : Key performance indicators or KPI What

What do you mean by the term key performance indicators or KPI? Explain in brief?

Q : Define Cost Driver Cost Driver : Any

Cost Driver: Any factor which causes a modification in the cost of an action or output. For illustration, the quality of portions received by an activity, or the degree of complexity of tax returns to be evaluated by the IRS.

Q : Balancing risk and return What do you

What do you mean by the term balancing risk and return? Explain in brief?

Q : Influence of lack of partnership deed

Describe the provision of 'Indian partnership Act 1932‘concerning sharing of profits in lack of any provision in partnership deed. Answer: In the lack of any p

Q : What is Outcome Outcome : The outcomes

Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.

Q : Cash flows from operating activities

The first section of the statement of cash-flow. Cash flows from operating activities include transactions (involving cash) that relate to the normal busi- ness activities of the entity. Cash-flows in this section usually involve cash and other current asset or curren

Q : What are the steps involved in Process

ACCOUNTING PROCESS: The process of Accounting involves the following steps:

Discover Q & A

Leading Solution Library

Avail More Than 1454941 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1944900
Asked

3,689

Active Tutors

1454941

Questions
Answered

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

Submit Assignment