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1 year ago

According to the Uniform Partnership Act, the three key elements of any general partnership are

Business

1 answer:

Anon25 [30]1 year ago

4 0

Answer:

(2) Common ownership, shared profits and losses, and right to participate in managing the operations.

Explanation:

Partnership refers to a mutual agreement between 2 or more individuals agreeing to carry out a business and to share it's profits and losses in an agreed ratio or as per the clauses in partnership deed.

Uniform partnership act regulates partnership agreements in majority of United States. The act also allows remaining partners after dissolution to continue the partnership if majority of them desire to do so.

Under the act, Partnership is characterized by common ownership of assets and liabilities by all partners, sharing of partnership profits and losses and equal rights to participate in managing the operations of the partnership.

You might be interested in

Where does the management accounting function fit into an organization's structure?

LUCKY_DIMON [66]

Management accounting is the process of measuring and analyzing financial and non-financial information that is relevant to the company. This is an important part of the Controller’s function in an organization since the Controller directly reports to the chief financial officer. The report contains pieces of information which contributes in making strategic decisions to achieve the goal of the organization.

6 0

1 year ago

Which profession(s) are used in the fire sprinkler industry? *?

Semmy [17]

I would say the principal profession used in the fire sprinkler industry would be a fire protection engineering technician who can design sprinkler systems and would co-ordinate his/her work with a construction company that made multiple unit housing projects where such systems would be installed.

6 0

1 year ago

Last year a certain bond with a face value of $5,000 yielded 8 percent of its face value in interest. If that interest was appro

Katen [24]

Answer:

bond's selling price is $6154

Explanation:

given data

face value = $5,000

interest = 8 % of face value

rate = 6.5 %

to find out

bond's selling price

solution

we find interest that is

interest = 8 % of face value

interest = 8 % × 5000

interest = 400

so we consider bond selling price is x

bond selling equation will be

interest = rate × bond selling price

400 = 0.065 × x

x = 6154

so bond's selling price is $6154

8 0

1 year ago

Which of the following environments will be LEAST conducive to fraud? a. Perceived inequalities in the organization and inadequa

egoroff_w [7]

Answer:

The answer is C. Proactive management

Explanation:

Proactive management looks ahead. They are not reactive. They envisage problems before it occurs. They institute or set up internal controls which will not be conducive to fraud. Internal controls like segregation of duty, dual control, authorization etc.

But in an organization where perceived inequalities are rife, employees will tend to play fast because they are not satisfied.

Also, when unreasonable budget are set by the management, employees tend to do all things possible to achieve this budget so as to keep their job. This breeds the thought of fraud.

High employee turnover too can lead to fraud because staffs know they wont stay too long.

4 0

1 year ago

For the most recent year, Camargo, Inc., had sales of $546,000, cost of goods sold of $244,410, depreciation expense of $61,900,

weqwewe [10]

Answer:

Explanation:

As we know that time interest earned ratio = Income before interest and taxes / interest expense.

Sales = 546000

less: cost of goods sold = (244410)

Gross profit 301590

Less: expenses

Depreciation expense =( 61900 )

Profit before interest and taxes 239690

Less: tax

(239690 * 23%) = (55128)

Profit 184562

Profit - Retained earning Addition = Interest

184562 - 74300 = 110262.

Interest earned ratio = 239690 / 110262 = 2.17 times

3 0

1 year ago