--%>

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.

   Related Questions in Managerial Accounting

  • Q : What are the steps involved in Process

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

    Q : Illustrate the general role of

    Briefly illustrate the general role of accounting?

  • Q : Define Unit Cost Unit Cost : The cost

    Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.

  • Q : Basic accounting principles or concepts

    ACCOUNTING CONCEPTS: Presented below are basic accounting principles or concepts, with which hospital managers should be familiar and that they should understand i

  • Q : Classification of costs with examples

    describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making

  • Q : Define Differential Cost Differential

    Differential Cost: The cost difference predicted when one course of action is adopted rather than others.

  • Q : How useful is the management accounting

    Briefly define how useful is the management accounting information is?

  • Q : Define Opportunity Cost Opportunity

    Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.

  • Q : What is Job Order Costing Job Order

    Job Order Costing: A technique of cost accounting which accrued costs for individual jobs or lots. A job might be a service or manufactured item, like the repair of tools or the treatment of a patient in the hospital.

  • Q : Banker’s acceptance A security that

    A security that starts as an instrument similar to as check, in which a customer asks the bank to pay the designated amount to a payee in the future. The bank accepts the order, becoming responsible for payment, because the customer has the money to back the check, an