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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.
I think it means any transaction.
Differences between economic substance and legal form.
Recording phase of accounting is to record the transactions into journal after transactions occured.
Single proprietorship assets= liabilities + capital partnership assets= liabilities + partner's equity corporation assets= liabilities + shareholder's equity
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.
I think it means any transaction.
a corporation, proprietorship or a partnership.
Differences between economic substance and legal form.
Kinds of partnership
Recording phase of accounting is to record the transactions into journal after transactions occured.
A partnership uses whatever type of accounting its bank wants it to use.
Badges of trade are the circumstances in which a trade can take place. This is important in accounting because of the differences in taxation with non-trade transactions.
Single proprietorship assets= liabilities + capital partnership assets= liabilities + partner's equity corporation assets= liabilities + shareholder's equity
The branch of accounting which deals with the transactions of inflation.
a.b,c formed a partnership w/ the following information: A, a capitalist partner, is to contribute 600,000 B, a capitalist and industrial partner, is to contribute 200,000 C, an industrial, is to contribute his skill.
The corporation could purchase the partnership from the owners, granting shares for the consideration, that would effectively merge the two in accounting terms, but you would also have to look at how to integrate the management.