Act241 Week 3 Assignment 1
Effat University
Assignment 1
Fall 2014
DEPARTMENT: FINANCE
INSTRUCTOR: DR. FALEEL JAMALDEEN
COURSE:
ACT 240 MANAGERIAL ACCOUNTING
STUDENT NAME:
STUDENT I.D.:
Part
Total Marks
Part 1
20
Part 2
40
Part 3
40
TOTAL
100
Marks Obtained
Instructions
1. All the answers need to be submitted hand written as hard copy.
2. The last date for submission of the assignment is 15th October 2014
3. If the assignment was found plagiarized or copied from another sources you will lose 10 marks)
Total grade 10
Answer all the questions
Part I
Question 1 (5 Marks)
M. Carson and R. Leno have partnership capital balances of $ 40,000 and $ 80,000 respectively. The partnership agreement indicates that net income or net loss should be shared equally. If …show more content…
What are the major advantages and disadvantages of starting a partnership
ACT240
Dr. Faleel Jamaldeen
Page 2
Effat University
Assignment 1
Fall 2014
b. Amina wants to work full time in the new partnership. She believe that net income or let loss should be shared equally. However, they are wondering how they can provide compensation to their full time job of Amina in their own partnership and compensate Alaa for her additional investment of the computer. What would you tell them?
c. As indicated above, Alaa and Amina have worked together for a number of years. Alaa’s skills complement Amina’s vice versa. If one of them dies, it will be very difficult for other to maintain the business, not to mention the difficulty of paying the deceased partner’s estate for her partnership.
What would you advise them to do?
Activity (20 Marks)
Find two local business in your area that are different such as restaurant, a retailer, a construction company, a professional office (dentist, doctor etc.) and find the answers to the following questions.
a. Name of the both organization and their business.
b. How many owners
c. What form of organization do you use in your business?
d. What do you believe are the two major advantages and disadvantages
Assignment 1
Fall 2014
DEPARTMENT: FINANCE
INSTRUCTOR: DR. FALEEL JAMALDEEN
COURSE:
ACT 240 MANAGERIAL ACCOUNTING
STUDENT NAME:
STUDENT I.D.:
Part
Total Marks
Part 1
20
Part 2
40
Part 3
40
TOTAL
100
Marks Obtained
Instructions
1. All the answers need to be submitted hand written as hard copy.
2. The last date for submission of the assignment is 15th October 2014
3. If the assignment was found plagiarized or copied from another sources you will lose 10 marks)
Total grade 10
Answer all the questions
Part I
Question 1 (5 Marks)
M. Carson and R. Leno have partnership capital balances of $ 40,000 and $ 80,000 respectively. The partnership agreement indicates that net income or net loss should be shared equally. If …show more content…
What are the major advantages and disadvantages of starting a partnership
ACT240
Dr. Faleel Jamaldeen
Page 2
Effat University
Assignment 1
Fall 2014
b. Amina wants to work full time in the new partnership. She believe that net income or let loss should be shared equally. However, they are wondering how they can provide compensation to their full time job of Amina in their own partnership and compensate Alaa for her additional investment of the computer. What would you tell them?
c. As indicated above, Alaa and Amina have worked together for a number of years. Alaa’s skills complement Amina’s vice versa. If one of them dies, it will be very difficult for other to maintain the business, not to mention the difficulty of paying the deceased partner’s estate for her partnership.
What would you advise them to do?
Activity (20 Marks)
Find two local business in your area that are different such as restaurant, a retailer, a construction company, a professional office (dentist, doctor etc.) and find the answers to the following questions.
a. Name of the both organization and their business.
b. How many owners
c. What form of organization do you use in your business?
d. What do you believe are the two major advantages and disadvantages