Partnership Operation and Termination free essay sample

A partnership is a voluntary ORGANIZATION between the partners that is based on a contract. The life of a partnership is limited by agreement or by the death of incapacity of a partner. Normally, each partner can act as an agent of the others partners and commit the partnership to any contract within the apparent EXTENT of its business. All partners in a general partnership are personally ACCOUNTABLE for all the debts of the partnership. Limited partnerships include one or more general partners plus one or more (limited) partners whose liabilities are limited to the amounts of their VENTURE in the partnership. The risk of becoming a partner results in part from the fact that partnership ATTRIBUTE includes mutual agency and unlimited liability.The initial investment of partnership assets is recorded by debiting the assets PROVIDED at the fair market value and crediting the partners’ capital accounts. A partnership’s profits or losses are DISTRIBUTED to the partners according to the terms of the partnership agreement. We will write a custom essay sample on Partnership Operation and Termination or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The agreement may specify that each partner will receive a given fraction, or that the allocation of profits and losses will reflect salary allowances and/or interest allowances. When salary/ or interest allowances are granted, the residual profit or loss usually is allocated equally or on a stated fractional basis.When a new partner buys a partnership interest directly from one or more of the existing partners, the amount of cash paid from one partner to another does not affect the total recorded equity of the partnership. The recorded equity of the selling partner (s) is simply transferred to the capital account of the new partner. Alternatively, a new partner may purchase an equity interest in the partnership by investing additional asset in the partnership. When this occurs, part of the new partner’s investment may be credited as a bonus to the capital accounts of the existing partners. Also, to gain the CONTRIBUTION of the new partner, the existing partners may give the new partner a bonus whereby SHARE’S of the existing partner’s capital balances are CONSIGNED to the new partner’s capital account.When a partnership is SETTLED, losses and gains from selling the partnership assets are DISTRIBUTED to the partners according to the partnership profit – and – loss – sharing ratio. If a partner’s capital account has a deficit balance that the partner cannot pay, the others partners must share the deficit in their relative profit and loss sharing ra tio.

Data Models of Accounting Information Systems Essay Example

Data Models of Accounting Information Systems Essay Example Data Models of Accounting Information Systems Essay Data Models of Accounting Information Systems Essay In Accounting Information Systems, the object is the economic entrepreneur and the information store which is needed in a structural way so the data may be consistent and integrated. Reality modeling of the components around the economic unit is very important for building an obedient system which stores the information ABA the economic unit. In the beginning of Accounting Information Systems modeling of the data was made by materializing the processes of the economic unit into process which the computer may process fast and with fewer errors than humans. This model didnt take into consideration the Truckee of traditional data of the discipline of accounting. They stored the model intact as it was described by Bacilli during Renaissance. The Conservatism really the half accounting profession. So the the change from a stable model and hashishs appendicitis in use numeration millennium in a new model would not be easy accepted from the community unless the new model wasnt clear enough and usable. The Traditional Model uses statements to prevent errors and repetitions in computing. As the computers do the calculations very fast and without error there is no need for these statements. So the statements are just converted virtual views that contains the information processed and is viewed as man times as the user need. Beginning from the years 1975 until the beginning of 80 a number of change happened in the Celled of data modeling in general and in the modeling of data in Accounting Information Systems. AREA Model In 1979 William E. McCarthy on his thesis An entity-Relationship View of Accounting Models introduced a model which is now implemented in the most famous ASS and ERP. Etc. Importance can be given to the Clinician information system (e. G. ERP) which doesnt eve anything from traditional system. The procedure which is recommended to be taken while building an ASS model is: His suppose was based on the postulate: ASS may be naturally simulated on a relational database which contains real world entity and relations between these entities. In his thesis he emphasized the need to not be focused on the model: Transaction Table + Double Entry Principle which restraint the 3. . Identification of classified entities in Agents, Events and Resources. The building of an E-R diagram which will expose the meaning of these entities and relations between them. Definition of entities characteristics and of the relationships between them, classified by the demands of the different PDF Double Entry Principle -? which restraint the information of the entrepreneur in only one as- sided by the demands Of the different level users. 423 Data Models of Accounting Information Systems AREA vs.. IAC Sigil Hexagram, Aimed Faith Errors 4. Organization of results from the preview- process as the only way of his enhancement. Us Steps in the tables and identification AREA presents the fundamental change in the of their unique characteristics (Keys). Tat modeling of ASS, so it presents ASS itself. AREA model is the base of all other models of Information Identity]action and protection in ASS and there have been a lot of his versions, this 1 . Model is done by following these steps: Event 2. Sources which are consumed or added by this event 3. Internal Agents 4. External Agents for example: AREA-L which. Adds the entity: Locations to the AREA -model, The main rules are: 1. Every Event is connected to at least one Source from which it differ 2. Every Event is connected to at least one other Event. 3. Every Event is connected to at least two Double Entry Principle Consistency Agents (The economic duality principle). McCarthy is being thanked in a lot of books about ASS as the person who had the courage to think different from the others. Double Entry Principle seems that it makes a lot of information redundancy, but in fact this doesnt happen. This principle means that we have to register at the same time the taking or letting of a good or service with the corresponding balanced amount In money or credit of the taking or letting. There isnt redundancy; these arent different actions but complementary ones. Figure 1: Process example A schematic presentation of the above rules for a process example. Basing on the AREA cycles model of ASS, they would be presented in this way.

Morality. The Genealogy of Morality by Nietzsche Essay

Morality. The Genealogy of Morality by Nietzsche - Essay Example The second dimension that Nietzsche discusses is morality relating to slaves or priests, and this primarily deals with Jewish beliefs. This dimension believes that priests loath warriors and call their desire for power an evil act, and they believe that their own poverty or simple state is called good. These two beliefs are called slave and master morality. Slave morality seems to be much more refined as compared to master morality and it is driven by a feeling of anger or resentment. It was born of Christianity as Christian love is due to hatred and therefore it is in accordance with slave morality and its derivation from ‘ressentiment.’ (Nietzsche and Kaufmann) Even though slave morality is interesting and more complex as well to understand as compared to master morality and their self-assuredness, Nietzsche is apprehensive that it makes mankind a mediocre race and people who have generally an inherent perception of slave morality would like to prefer comfort and secur ity over risk and conquest over the world. The priests believes in the slave morality and they believe that it saves them from evil and other perils of the afterlife, and the master morality will distract people from changing themselves for the better and making their present a better situation to live in. Most modern humans also perceive the slave morality in this way and act this way. Nietzsche also believes that there is a difference between the two kinds of morality be it good/bad or good/evil by giving the relevant example of lamb and bird of prey. The lamb would believe that the bird of prey is evil since it kills and that they themselves are good because they don’t kill. However, these statements become useless in the event that God has made them in such a way that they cannot kill; and not because of any moral account but simply because they are unable to, they don’t know what they would be capable of if they would be able to kill. Birds of prey similarly canno t be highlighted as wrong doers and evil simply because they are built in a way that they are to kill. If the deed, which is killing could be separated from the being that kills because it was made that way, then only could be condemn these birds for their deeds. Nietzsche also goes on to argue that there are instances when there is a deed, but no doer and then you cannot blame anyone. Such as lightning cannot be removed from the flash and seen independently and hence the fact that we view that the doer is distinct from his act is simply something we view because of society and its prejudices. Master morality is what the aspiration is so to say, slave morality is prevalent and not desirable. Nietzsche also believes that guilt originally didn’t have any moral aspects in it, and it was simply like a debt. A person who owed something to someone was in debt and guilty of it, and he owed a creditor some sum. Therefore a creditor could take advantage of that and could even make the debtor pay at any time or take penalties. This wasn’t to punish the debtor and make him feel bad about himself, but this was only for the creditor’s mirth and pleasure. Therefore punishment was like a paradox; it was cruel for the debtor and yet cheerful for the creditor and it was supposed to have been forgotten afterwards without any grudge from any party. Law and regulation is like a creditor in a society; if someone goes against the law then this means that they have broken and harmed society and they can be punished for this mistake. (Nietzsche and Kaufmann) Justice believes however that people don’t have that power to punish good or bad or evil and