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Carolee, Joanna, and Ellen form Capital City Partnership.Carolee contributes expertise; Joanna, $15,000; and Ellen, $20,000.After a year, Joanna adds $12,000 as a loan.Ten years later, Capital owes $44,000 to creditors, total assets are $112,000, and the partners decide to dissolve the business.How will the assets be distributed, and what will each partner receive?
Principles Of Internal Control
Principles Of Internal Control are the guiding rules designed to safeguard assets, ensure accurate financial reporting, promote operational efficiency, and encourage adherence to policies.
GAAP
Generally Accepted Accounting Principles are a compilation of universally accepted standards and rules for accounting and financial reporting.
IFRS
International Financial Reporting Standards, a set of global accounting guidelines outlining how transactions and other accounting events should be reported in financial statements.
Internal Control Procedures
Methods and guidelines set up by an organization to guarantee the accuracy of fiscal and accounting data, encourage responsibility, and deter dishonest practices.
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