The three common forms of business organization.

Question

What is this term: An account in a periodic inventory system that indicates the company is recording its purchases and accounts payable at the gross amount. Also an account that would also include accounts payable and anything else (discounts, returns, etc.) (Term is 17 words long)

Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 18, Problem 18.2Q

To determine

To Identify: The three common forms of business organization.

To determine

To explain: The primary difference between the way they are accounted for.

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What is this term: An account in a periodic inventory system that indicates the company is recording its purchases and accounts payable at the gross amount. Also an account that would also include accounts payable and anything else (discounts, returns, etc.) (Term is 17 words long)

Please need answer the general accounting question

General accounting

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 18, Problem 18.2Q

To determine

To Identify: The three common forms of business organization.

To determine

To explain: The primary difference between the way they are accounted for.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 3

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 18, Problem 18.2Q

To determine

To Identify: The three common forms of business organization.

To determine

To explain: The primary difference between the way they are accounted for.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 4

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 18, Problem 18.2Q

To determine