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kirill115 [55]
3 years ago
5

Which of the following statements best describes accounting for a partnership?

Business
1 answer:
svetlana [45]3 years ago
7 0

Answer:

B. A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.

Explanation:

There is a lot of difference in accounting of normal partnership firms and that of non profit organisations.

Simply a partnership firm cannot be formed as a non profit entity.

A partnership can use any federal laws in compliance and do accounting entries in accordance with them.

The partnership equity section only contains partner's capital account as there are no retained earnings section.

Partnership's do not pay dividend, and if it does it is not limited to money.

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Mary's team is located in different countries. Because of the time zone differences, it is difficult for the team to meet all to
Svet_ta [14]

Answer:

e) asynchronously

Explanation:

Since in the question it is mentioned that the team of Mary would be located in different countries having different time zones so it would be difficult to meet all together so their meeting would be conducted asynchronously where the time does not match or it would not be happened in the same time

Hence the last option is correct

3 0
3 years ago
Under corporate law, corporations are given the same rights as
Ilia_Sergeevich [38]

Answer:

C. individuals

Explanation:

The law treats corporates organizations as legal citizens. It gives them commercial right to own property, enter into contracts, and incur debts. Corporates have tax obligations, just like individuals. They can sue and be sued.

The law considers a corporate as a separate entity from its owners. It distinguishes the assets and liabilities of the institutions as different from those of its founders. A corporate has an infinite life. The death of its shareholders does not automatically mean its termination.

7 0
3 years ago
Popper Enterprises factors $900,000 of its accounts receivable to Third Bank with recourse for a finance charge of 5​%. The fina
damaskus [11]

Answer:

$972000

Explanation:

Account receivables factored = $ 900,000

Recourse Liability = $ 20,000

Due from Factor Third Bank = 900000 x 7% = $ 63,000

Loss from Factoring = (900000 x 5%) + 20000 recourse liability = $ 65,000

Amount of cash received as a result of this factoring transaction = Accounts receivables factored + Recourse Liability – Loss on factoring – Due from factor.

= 900000 + 20000 – 63000 – 65,000 = $972,000

6 0
3 years ago
Read 2 more answers
After nearly 20 years with his company, mike's job was outsourced. he wants his new job to offer not only a good wage but also j
Firlakuza [10]

It can be best said that Mike is now seeking a job that not only pays well, but also offers intrinsic rewards, in the form of job satisfaction and a sense of accomplishment.

Good compensation is a form of extrinsic rewards, alongside status. Intrinsic rewards are things that you find pleasing because it is satisfying to you, not because you think it would gain you respect or other people’s acceptance.

7 0
3 years ago
The aggregate demand curve shows how real gdp purchased varies with changes in:
Dahasolnce [82]
Price level.
The aggregate demand curve represents the total quantity of all goods (and services) demanded by the economy at different price levels
4 0
2 years ago
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