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Responsibility Center: It is an organizational unit headed by the manager or a group of managers who are responsible for its actions. The responsibility centers can be measured as revenue centers (that is responsible for revenue or sa
Give circumstances in which the fixed capital of partners might change. Answer: Two circumstances in which the fixed capital of Partners might change are as follows:
The rights of each partner: Under the Partnership Act, partners have the right to: Share equally in profits and losses; Indemnity; Interest on advances; Interest on capital; Share in management of
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
Write some main features of partnership? Answer: Essential elements or major features of Partnership are as follows: A) Two or m
Why does a tax form a deadweight loss? A tax forms deadweight loss by artificially increasing price above the free market level, therefore reducing the equilibrium quantity. This reduction in demand decreases consumer as well as producer surplu
Partnership Accounting: A business can be a firm, a partnership, or a solitary proprietorship. The corporation is incorporated at state level. The sole proprietorship is one person in business. A partnership is two or more than two persons with an agr
Write down a short note on the Allocating resources in decision making process?
Write a brief note on the things which Weaknesses comprises?
The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.
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