How is accounting for a partnership different from accounting for a corporation?
What will be an ideal response?
Financial accounting for a partnership differs from corporate accounting only in accounting for owners' equity. A partnership does not sell capital stock and does not have a retained earnings account. Each partner will have a capital account and a drawing account. On the balance sheet, the balance in each of the partner's capital accounts should be reported. The accountant for a partnership must divide income or loss among partners, following the provisions of the Articles of Partnership. Income tax accounting differs between corporations and partnerships. A corporation is a taxable entity and must file an income tax return. A partnership is not a taxable entity but is required to file an informational return that reports the various amounts of revenues and expenses attributed to each partner.
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The _____________, a group of developed countries, is known for its individual country surveys and other research studies.
What will be an ideal response?
Some of the inadequacies of the traditional international pollution-control system include: A) voluntary consent by nations to international litigation or arbitration of environmental disputes is rare
B) litigation in the polluting company's home country can be circumvented by having all actions and decisions occur through a subsidiary in the less environmentally conscientious country. C) A and B. D) neither A nor B.
Variance analysis for fixed production costs is virtually the same as for variable production costs.
Answer the following statement true (T) or false (F)
What is the top U.S. port in terms of vessel calls?
a. LA/Long Beach b. New York c. Houston d. San Francisco