Course Number : ACCTG 2 II. Course Title : Introduction to Partnership and Corporation Accounting III. Credit : 3 units IV. Prerequisite : Acctg. 1 V. Course Description: This is a continuation of the first course in accounting. It deals with transactions‚ financial statements‚ and problems peculiar to the operations of partnership and corporations as distinguished from sole proprietorships. Topics include: partnership formation and operations including accounting for the admission
Premium Revenue Corporation Sole proprietorship
namely‚ Errors due to omission and Errors on amount recorded‚ account title and accounting treatment. Correcting Entry is a journal entry designed to remove accounting errors made in the general journal in the general journal and general ledger. Partnership by the definition of the Civil Code of the Philippines is that
Premium Sole proprietorship Balance sheet Asset
SYLLABUS ACCOUNTANCY (055) CLASS XII (2012-13) One Paper Unit Part A : 1. 2. 3. 4. 3 Hours Annexure ‘ J ’ 80 Marks Periods Marks 10 25 18 7 60 Accounting for Partnership Firms and Companies Accounting for Partnership Firms - Fundamentals Accounting for Partnership Firms - Reconstitution and Dissolution Accounting for Share Capital Accounting for Debentures 20 52 38 14 124 Part B: Financial Statement Analysis 5. Analysis of Financial Statements 6. Cash Flow Statement 7. Project Work
Premium Financial ratio Balance sheet Generally Accepted Accounting Principles
STEEBY VS FIAL Tort Liability Charles Fial and Roger J. Steeby entered into a partnership called Audit Consultants to perform auditing services. Pursuant to the agreement‚ they shared equally the equity‚ income‚ and profits of the partnership. Originally‚ they performed the auditing services themselves‚ but as business increased‚ they engaged independent contractors to do some of the audit work. Fial’s activities generated approximately 80 percent of the partnership’s revenues. Unhappy with their
Premium Fiduciary Audit Asset
TITLE OF THE CASE Gilford Motor Co. vs. Horne(1933)1Ch. 935 FACTS OF THE CASE Mr EB Horne was formerly a managing director of the Gilford Motor Co Ltd. He agreed in writing (clause 9) to not solicit customers of the company when he left employment. Then he was fired. He set up his own business and undercut their prices. Then he got legal advice saying that he was probably acting in breach of contract. So he set up a company‚ JM Horne & Co Ltd‚ in which his wife and a friend called Mr Howard were
Premium Appeal Contract Court
Introduction to Partnership Accounting Sole Proprietorship – owned by one person assume the profit and expenses Service – oriented business – engages in rendering services Merchandising businesses – buy and sell goods for profit Partnership – composed of two or more persons to contribute to a common fund for a profit that will be divided among themselves Money and property include: cash‚ investment in trading securities‚ trade and other receivables‚ prepaid expenses‚ PPE Industry: service‚ labor
Premium Partnership Corporation Types of business entity
Chapter 12 Torts The Basis of Tort 1. The Purpose of Tort Law a. Damages Available in Tort Actions Compensatory damages (including special damages and general damages) : compensate or reimburse the plaintiff for actual losses Special damages: compensate the plaintiff for quantifiable monetary losses. General damages: compensate individuals (not companies) for the nonmonetary aspects of the harm suffered‚ such as pain and suffering. b. Punitive Damages: Only when the defendant’s conduct was particularly
Premium Corporation Partnership Tort
company‚ association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company‚ association or partnership‚ or by the individual members thereof‚ unless it is registered as a company under this Act‚ or is formed in pursuance of some other Indian law. As important aim of companies act is to eliminate the evils caused by large number of partnerships trading In unincorporated
Premium Supreme Court of the United States Company Law
THE CIVIL CODE OF THE PHILIPPINES Title IX. - PARTNERSHIP CHAPTER 4 LIMITED PARTNERSHIP (n) Art. 1843. A limited partnership is one formed by two or more persons under the provisions of the following article‚ having as members one or more general partners and one or more limited partners. The limited partners as such shall not be bound by the obligations of the partnership. Art. 1844. Two or more persons desiring to form a limited partnership shall: (1) Sign and swear to a certificate‚ which
Premium Partnership Types of business entity Corporation
Part A Relevant Law Relationship of Partners to Outsiders Common Law Position An outsider has two possible grounds to recover from the partnership – where the partner has actual authority or apparent authority. Actual authority: the authority of a partner to do acts clearly stated and agreed to by the other partners (whether written or oral). Apparent authority: the authority that the partner appears to have to third parties (e.g. buying and selling goods‚ receiving payments‚ issuing
Premium Partnership Corporation Business law