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| − | [[State Unemployment Tax Act]] ([[SUTA]]) is a tax usually paid only by employers to the state for employee unemployment insurance. | + | [[Net income]] (alternatively known as [[net profit]]; hereinafter, the ''Result'') is the financial result of [[operations]] when [[Fiscal Revenue|revenue]] totals more than [[expenses]]. The ''Result'' can also be calculated while taking [[expenses]] away from the [[gross profit]] (or [[gross loss|loss]]). |
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| | ==Definitions== | | ==Definitions== |
| | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], |
| − | :[[State Unemployment Tax Act]] ([[SUTA]]). A tax usually paid only by employers to the state for employee unemployment insurance. | + | :[[Net income]]. The financial result of [[operations]] when [[Fiscal Revenue|revenue]] totals more than [[expenses]]. |
| | + | According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]], |
| | + | :[[Net income]]. Operating income plus nonoperating revenues (such as interest revenue) minus nonoperating costs (such as interest cost) minus income taxes. |
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| | ==Related concepts== | | ==Related concepts== |
| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]]. | + | *[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws. |
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| − | ==Related coursework== | + | ==Related lectures== |
| − | *[[American Accounting]]. | + | *[[Bookkeeping Quarter]]. |
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| − | [[Category: Accounting]][[Category: Articles]] | + | [[Category: Septem Artes Administrativi]][[Category: Articles]][[Category: Accounting]] |
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| − | [[Workers' compensation insurance]] is insurance purchased by most employers to protect their employees against losses due to injury or death while on the job.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Workers' compensation insurance]]. Insurance purchased by most employers to protect their employees against losses due to injury or death while on the job.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]] | |
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| − | [[Payroll tax expense]] is the cost to employers that includes the total of the employer's FICA OASDI, FICA Medicare, FUTA, and SUTA taxes. Remember, the employer matches the employee contributions for OASDI and Medicare.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Payroll tax expense]]. The cost to employers that includes the total of the employer's FICA OASDI, FICA Medicare, FUTA, and SUTA taxes. Remember, the employer matches the employee contributions for OASDI and Medicare.
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| − | | |
| − | ==Related concepts==
| |
| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Employer identification number]] ([[EIN]]) is a number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Employer identification number]] ([[EIN]]). A number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Form SS-4]] is the form filled out by an employer to get an [[EIN]]. The form is sent to the IRS, which assigns the number to the business.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Form SS-4]]. The form filled out by an employer to get an [[EIN]]. The form is sent to the IRS, which assigns the number to the business.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Form 941 tax]] is another term used to describe FIT, OASDI, and Medicare. This name comes from the form used to report these taxes.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Form 941 tax]]. Another term used to describe FIT, OASDI, and Medicare. This name comes from the form used to report these taxes.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Look-back period]] is a period of time used to determine whether a business should make its [[Form 941 tax]] deposits on a monthly or semiweekly basis. The IRS defines this period as July 1 through June 30 of the year prior to the year in which [[Form 941 tax]] deposits will be made.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Look-back period]]. A period of time used to determine whether a business should make its [[Form 941 tax]] deposits on a monthly or semiweekly basis. The IRS defines this period as July 1 through June 30 of the year prior to the year in which [[Form 941 tax]] deposits will be made.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Monthly depositor]] is a business classified as a monthly depositor will make its payroll tax deposits only once each month for the amount of [[Form 941 tax]]es due from the prior month.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Monthly depositor]]. A business classified as a monthly depositor will make its payroll tax deposits only once each month for the amount of [[Form 941 tax]]es due from the prior month.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Semiweekly depositor]] is a business classified as a semiweekly depositor may have to make its payroll tax deposits up to twice in one week, depending on when payroll is paid.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Semiweekly depositor]]. A business classified as a semiweekly depositor may have to make its payroll tax deposits up to twice in one week, depending on when payroll is paid.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Form 941]] ([[Employer's Quarterly Federal Tax Return]]) is a tax report that a business will complete after the end of each calendar quarter indicating the total FICA (OASDI and Medicare) taxes owed plus the amount of FIT withheld from employees' pay for the quarter. If federal tax deposits have been made correctly and on time, the total amount deposited should equal the amount due on Form 941. Any difference results in a payment due or a refund.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Form 941]] ([[Employer's Quarterly Federal Tax Return]]). A tax report that a business will complete after the end of each calendar quarter indicating the total FICA (OASDI and Medicare) taxes owed plus the amount of FIT withheld from employees' pay for the quarter. If federal tax deposits have been made correctly and on time, the total amount deposited should equal the amount due on Form 941. Any difference results in a payment due or a refund.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Form 940]] ([[Employer's Annual Federal Unemployment Tax Return]]) is the form that is used by employers at the end of the [[calendar year]] to report the amount of unemployment tax due for the year. If more than $500 is cumulatively owed at the end of a quarter, it should be paid one month after the end of that quarter. Normally, the report is due January 31 after the calendar year, or February 10 if an employer has already made all deposits.
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| − | | |
| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Form 940]] ([[Employer's Annual Federal Unemployment Tax Return]]). This form is used by employers at the end of the [[calendar year]] to report the amount of unemployment tax due for the year. If more than $500 is cumulatively owed at the end of a quarter, it should be paid one month after the end of that quarter. Normally, the report is due January 31 after the calendar year, or February 10 if an employer has already made all deposits.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Form W-2]] ([[Wage and Tax Statement]]) is a form completed by the employer at the end of the calendar year to provide a summary of gross earnings and deductions to each employee. At least three copies go to the employee, one copy to the IRS, one copy to any state where employee income taxes have been withheld, one copy to the Social Security Administration, and one copy into the records of the business.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Form W-2]] ([[Wage and Tax Statement]]). A form completed by the employer at the end of the calendar year to provide a summary of gross earnings and deductions to each employee. At least three copies go to the employee, one copy to the IRS, one copy to any state where employee income taxes have been withheld, one copy to the Social Security Administration, and one copy into the records of the business.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Form W-3]] ([[Transmittal of Wage and Tax Statements]]) is a form completed by the employer to verify the number of W-2s and amounts withheld as shown on them. This form is sent to the Social Security Administration data processing center along with copies of each employee's [[Form W-2|W-2 form]]s.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Form W-3]] ([[Transmittal of Wage and Tax Statements]]). A form completed by the employer to verify the number of W-2s and amounts withheld as shown on them. This form is sent to the Social Security Administration data processing center along with copies of each employee's [[Form W-2|W-2 form]]s.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Modified Accelerated Cost Recovery System]] ([[MACRS]]) is a system for businesses to calculate depreciation for tax purposes based on the Tax Laws of 1986, 1989, and 2010; also known as the [[General Depreciation System]] ([[GDS]]).
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Modified Accelerated Cost Recovery System]] ([[MACRS]]). A system for businesses to calculate depreciation for tax purposes based on the Tax Laws of 1986, 1989, and 2010; also known as the [[General Depreciation System]] ([[GDS]]).
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Uniform Partnership Act]] is laws enacted in most states that govern how a partnership is formed, operated, and liquidated.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Uniform Partnership Act]]. Laws enacted in most states that govern how a partnership is formed, operated, and liquidated.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[American Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Partnership]] is the association of two or more persons who act as co-owners of a business.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Partnership]]. The association of two or more persons who act as co-owners of a business.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Articles of partnership]]. The written contract that spells out the details of the agreement among the partners.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Articles of partnership]]. The written contract that spells out the details of the agreement among the partners.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Limited life]] is a requirement that a partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue if a new partnership is formed.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Limited life]]. Partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue if a new partnership is formed.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Mutual agency]] is act of a single partner is binding on all members of the partnership.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Mutual agency]]. Act of a single partner is binding on all members of the partnership.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[General partner]] is a partner who has unlimited liability.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[General partner]]. A partner who has unlimited liability.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Limited partner]] is the partner's liability is limited to the amount of investment in the partnership.
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| − | | |
| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Limited partner]]. The partner's liability is limited to the amount of investment in the partnership.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Co-ownership of property]] is each partner owns a share of the assets.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Co-ownership of property]]. Each partner owns a share of the assets.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | | |
| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Salary allowance]] is a mechanism for dividing earnings of a partnership based on personal services provided by the partners (not an expense).
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Salary allowance]]. A mechanism for dividing earnings of a partnership based on personal services provided by the partners (not an expense).
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Interest allowance]] is a mechanism for dividing earnings of a partnership based on a percentage of capital balances of the partners (not an expense).
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Interest allowance]]. A mechanism for dividing earnings of a partnership based on a percentage of capital balances of the partners (not an expense).
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Profit and loss ratio]] is an agreed-upon ratio used to divide earnings or losses of a partnership.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Profit and loss ratio]]. An agreed-upon ratio used to divide earnings or losses of a partnership.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Statement of partners' equity]] is a financial statement that reveals each partner's ownership percentage of the firm's capital. The ending figure for the firm's capital is then placed on the balance sheet.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Statement of partners' equity]]. A financial statement that reveals each partner's ownership percentage of the firm's capital. The ending figure for the firm's capital is then placed on the balance sheet.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Purchase of an equity interest]] is transfer of ownership between an existing partner and a new partner.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Purchase of an equity interest]]. Transfer of ownership between an existing partner and a new partner.
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| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | [[Category: Accounting]][[Category: Articles]]
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| − | [[Bonus]] is when a new partner is admitted, he or she may pay more or less than equity interest. If the new partner pays more, the old partners share a bonus in the profit and loss ratio. Of course, the opposite could result, and the new partner could receive a bonus if he or she invests less than equity interest.
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| − | ==Definitions==
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| − | According to [[College Accounting: A Practical Approach by Slater (13th edition)]],
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| − | :[[Bonus]]. When a new partner is admitted, he or she may pay more or less than equity interest. If the new partner pays more, the old partners share a bonus in the profit and loss ratio. Of course, the opposite could result, and the new partner could receive a bonus if he or she invests less than equity interest.
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| − | | |
| − | ==Related concepts==
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| − | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[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]].
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| − | | |
| − | ==Related coursework==
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| − | *[[Partnership Accounting]].
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| − | | |
| − | [[Category: Accounting]][[Category: Articles]]
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