Partnership
A partnership is a business structure where two or more individuals share ownership, responsibilities, profits, and liabilities. Each partner contributes capital, labour, or skill, and taxation is typically passed through to personal returns. Accounting for partnerships involves capital accounts, profit-sharing ratios, and partner withdrawals.
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Purchase Order
A purchase order is a formal document issued by a buyer to a supplier, confirming the purchase of goods or…
Petty Cash
Petty cash is a small fund kept on hand for minor or incidental expenses, such as office supplies or travel…
Provision
A provision is an estimated liability recorded when a business expects a future obligation from a past event but the…
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