Answer the following in one sentences: (1 marks each)
1) What is partnership?
2) What is partnership deed ?
3) What Is Goodwill ?
4) What is sacrificing ratio ?
6) What is gaining ratio ?
7) What is super profit method.
8) What is workmen profit sharing fund?
9) What is reconstruction of partnership?
10) What is dissolution of a partnership firm ?
11) What is Realisation Account !
Answers
Answer:
the state of being a partner or partners.
Partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners. ... It specifies the various terms such as profit/loss sharing, salary, interest on capital, drawings, admission of a new partner, etc.
friendly, helpful, or cooperative feelings or attitude.
The sacrifice ratio is an economic ratio that measures the effect of rising and falling inflation on a country's total production and output. Costs are associated with the slowing of economic output in response to a drop in inflation. ... The ratio measures the loss in output per each 1% change in inflation.
In decision tree learning, Information gain ratio is a ratio of information gain to the intrinsic information. It was proposed by Ross Quinlan, to reduce a bias towards multi-valued attributes by taking the number and size of branches into account when choosing an attribute
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Answer(1)
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
Answer(2)
Partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners. ... It specifies the various terms such as profit/loss sharing, salary, interest on capital, drawings, admission of a new partner, etc
Answer(3)Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. Goodwill represents assets that are not separately identifiable
Answer(4)The sacrifice ratio is an economic ratio that measures the effect of rising and falling inflation on a country's total production and output. Costs are associated with the slowing of economic output in response to a drop in inflation. The ratio measures the loss in output per each 1% change in inflation.
Answer(5)In decision tree learning, Information gain ratio is a ratio of information gain to the intrinsic information. It was proposed by Ross Quinlan, to reduce a bias towards multi-valued attributes by taking the number and size of branches into account when choosing an attribute.
Answer(6)Super profit is the method in which an excess of average profits over normal profits. Under this method, goodwill is estimated on the basis of super-profits.
Answer(7)Workmen Compensation Reserve is a reserve created out of firm's profits to meet possible liability to pay compensation to employees, if it arises. It means, a claim may or may not arise. It also means that claim may be higher than amount of reserve.
Answer(8)The partnership is an agreement between two or more persons for sharing the profits of a business carried on by all or any one of them acting for all. Any change in the existing agreement is known as reconstitution of the partnership firm.
Answer(9)A dissolution of a partnership generally occurs when one of the partners ceases to be a partner in the firm. Other causes of dissolution are the BANKRUPTCY or death of a partner, an agreement of all partners to dissolve, or an event that makes the partnership business illegal.
Answer(10)The object of preparing Realisation account is to close the books of accounts of the dissolved firm and to determine profit or loss on the Realisation of assets and payment of liabilities. It is prepared by: Transferring all the assets except Cash or Bank Account to the debit side of the account.