COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An unincorporated association of two or more persons to pursue a business for profit as co-owners.
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The amount a business earns after subtracting all expenses incurred to generate revenues; also called net income or earnings
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Detailed explanation-1: -A partnership is defined as an association of two or more persons to carry on as co-owners a business for profit. As co-owners of a business, partners have an equal right in the decision making process.
Detailed explanation-2: -A partnership is defined as an association of two or more persons or entities formed to carry on, as co-owners, an unincorporated business for profit.
Detailed explanation-3: -Partnership is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all.
Detailed explanation-4: -A partnership is an unincorporated association of two or more individuals to carry on a business for profit.
Detailed explanation-5: -Comparing 3 Types of Partnerships in Business. There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).