Partnership Accounting
When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership. This form of organization is popular among personal service enterprises, as well as in the legal and public accounting professions. The important features of and accounting procedures for partnerships are discussed and illustrated below.
Read more about Partnership Accounting: Accounting For Initial Investments, Capital Interest, Capital Account, Compensation For Services and Capital, Guaranteed Payments, Allocation of Net Income, Closing Process, Statements For Partnerships, Admitting A New Partner, Allocation of Ownership Interest, Partnership Bonus, Withdrawal of Partner, Purchasing of Partner's Interest, Death of A Partner, Liquidation of A Partnership, Schedule M-1, Schedule K-1
Famous quotes containing the words partnership and/or accounting:
“Nevertheless, no school can work well for children if parents and teachers do not act in partnership on behalf of the children’s best interests. Parents have every right to understand what is happening to their children at school, and teachers have the responsibility to share that information without prejudicial judgment.... Such communication, which can only be in a child’s interest, is not possible without mutual trust between parent and teacher.”
—Dorothy H. Cohen (20th century)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)