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:
A type of personal tax credit that reduces the amount a taxpayer must pay. The child tax credit is $1,000 (in 2008) for each child meeting the criteria the child must be a U.S. National, citizen, or resident under 17, a dependent of the taxpayer, and a grandchil
Profit or Loss (P&L) Analysis: A financial statement which summarizes the revenues, costs and expenses acquired during a particular period of time - in general a fiscal quarter or year. Such records give information which exhibits the capability o
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
Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing
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.
List the items that might appear on the debit side and credit side of a partner's fluctuating capital account. Answer: On debit side: Drawing, interest on drawing, c
The increase in value that the owner of a capital asset receives when the asset is sold. The owner pays tax on that gain or increases, at a lower rate if the assets that are sold are capital asset, such as factory buildings, rather than assets that are sold in the nor
How have you observed the regulations which affect both your industry and your accounting place?
What do you mean by the term Mission statements? Briefly describe it.
Inter-Entity: A term meaning between or among distinct federal reporting entities. It generally refers to the activities or costs among two or more agencies, bureaus or departments.
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