Salary allowance
Salary allowance is a mechanism for dividing earnings of a partnership based on personal services provided by the partners (not an expense).
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Salary allowance. A mechanism for dividing earnings of a partnership based on personal services provided by the partners (not an expense).
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
