Examlex
Summarize the communications that auditors are required to make throughout the audit process. Indicate when these various communications need to take place.
Old Partners' Capital Accounts
Accounts used to record the amount of equity owned by each partner in a partnership, prior to any changes or reallocation of partnership interests.
Credited
A term reflecting an entry on the right side of a double-entry bookkeeping system that increases liabilities, revenue, or equity accounts, or decreases an asset or expense account.
Withdraws
The act of removing funds from an account or the business use of assets by owners, reducing the capital or equity amounts.
Remaining Partners
The partners who continue the partnership business after one or more partners leave or are removed.
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