In 2-3 sentences, explain how the treatment of an individual partner in a partner-ship or shareholder in an S corporation highlights the fact that the receipt of cash (money) is not necessarily the same as the receipt of income.

‏Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about the importance of preparing financial statements in the business. c) Write any four differences between Accrual basis and Cash basis and mention few examples also

Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between the three forms of business. • greater access to financial resources difficult to liquidate or terminate • separate management from ownership

Question 16 This principle requires measurement of transaction on the basis of cost price or equal to cash price A. Full disclosure B. Exchange price principle C. Matching principle D. Revenue recognition principle Question 19 The rights of the partner over the net assets of the business is called A. Parter's drawing B. Partners equity C. Partners capital D. None of the above