Duties of Partner
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.
The duties of each partner: The partners are beneath a fiduciary duty towards one another to:
Describe Provisional Entries?
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
Briefly illustrate the general role of accounting?
Cost or Benefit Analysis: The Cost-benefit analysis (abbreviated as CBA) is an analytical device for assessing and pros and cons of moving forward with the business proposal. It is a process by which business decis
From the books of Aggarwal Bors, the following information have been extracted: Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% The firm is proposing to buy a new plant which can generate additional annual profit of Rs. 10,000. The fixed
According to Martin and Steele (2010, p.13), “The two principal professional associations in Australia – CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significance of issues of sustainability reporting and develo
Significant costs associated with the disposal of asset. Accounting for asset retirement obligations requires estimating the cost and discounting estimate. The present value added to the asset's depreciable base and a liability is recorded for the obligation. Every year, interest expense is added
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
Cost Allocation: This is a technique of assigning costs to activities, outputs, or other cost objects. The allocation base employed to assign a cost to objects is not essentially the cause of the cost. For illustration, assigning the
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
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