Benefits of a general partnership are as follows: It is easy to form Requires very minimal paperwork Tax rules are simplified It is easy to... View Article
The two advantages and disadvantages of partnership are as follows: Advantages Easy to form Financial resources can be pooled together.... View Article
Partnership deed is a written document that is registered in the court of law whereas agreement can be either written or oral and is not... View Article
The following are the characteristics of a partnership firm: Existence of agreement (Oral or written in form of partnership deed) Existence... View Article
Three features of a partnership are: All partners share the risks and rewards associated with the business. Sharing of profits and losses as... View Article
Stock in the context of inventory stock is regarded as a current asset, since we can expect our inventory to be cleared within the accounting... View Article
Stationery will be considered as an asset if someone is dealing in stationeries, while it can be considered as an expense if someone is buying it... View Article
Net fixed assets can be calculated by using the following formula: Net Fixed Assets Formula = Gross Fixed Assets – Accumulated Depreciation... View Article
Accumulated depreciation refers to the total of all the expenses that are accounted for the fixed asset till date. It is not considered as an... View Article
Gross fixed assets is referred to as the gross book value or the total amount of money that the company has to pay to purchase all the fixed... View Article
Fixed assets can be written off in two conditions: When the asset becomes obsolete Selling off an asset in exchange for cash or another asset... View Article
Gross Fixed Assets can be calculated by the following formulae Net Fixed Assets Formula = Gross Fixed Assets – Accumulated Depreciation... View Article
Fixed asset turnover ratio can be calculated by the following formula Fixed Asset Turnover Ratio = Net Sales / Fixed Assets - Accumulated... View Article
Depreciation on sale of fixed assets can be calculated by the following methods: Straight line method Written down value method (WDV) Also... View Article
Fixed assets are those assets that provide value to the business for the long term, while current assets are those assets that provide value to... View Article
Yes, furniture is a fixed asset. Also read: Fixed Assets Vs Current Assets Intangible Assets Intangible Assets Difference Between Assets... View Article
Fixed assets are not current assets as current assets are those assets that are useful for the business in the short term, while fixed assets are... View Article
Fixed assets are sold in the following conditions: At the end of its useful life When the business is winded up or becomes insolvent Also... View Article
