Examlex
What is the difference between a journal and a ledger? How are journals and ledgers incorporated into the accounting cycle?
Allowance for Doubtful Accounts
A contra-asset account used to estimate the portion of a company's accounts receivable that may not be collectible.
Mutual Agency
A principle in partnership where each partner is both an agent and a principal to the partnership, authorized to bind the partnership in contracts and agreements.
Partnership Business
A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.
Ease of Formation
Refers to the simplicity and low barriers to legally establishing and starting a new business entity.
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