A partnership uses whatever type of accounting its bank wants it to use.
Kinds of partnership
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
A business can be a corporation, a partnership, or a sole proprietorship. A corporation is incorporated at the state level. A sole proprietorship is one person in business. A partnership is two or more persons with an agreement on who has which assets and liabilities and income. Partnership accounting is doing the books for the partnership. For IRS purposes, a partnership return must be filed each year.
a partnership converts to a company structure
A type of partnership that is not a partnership would be one that does not involve business.
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Russell Storm Mackay has written: 'Partnership accounts' -- subject(s): Accounting, Partnership
ifrs is applicable in nigeria.we use it
what type of business is a partnership
A partnership is defined as an arrangement where parties agree to cooperate to advance their mutual interests. An example of partnership is doctors who share an office. Law firms and accounting firms are often partnerships.
R. C. De Zouche has written: 'Partnership accounts' -- subject(s): Accounting, Partnership
Management accounting is a tool that managers use to perform day-to-day operations in an organization. This type of accounting usually does not provide exact numbers, but rather estimate and forecast. Financial accounting is a tool used to present the financial status of the organization to its external stakeholders. This type of accounting provides accurate numbers.