Partnership and corporation accounting book

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Review of Accounting Process Nature of accounting Accounting is a service activity Accounting is the language of business. Function of accounting Main function to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision. Basic function to record and report accurately the economic reality of the business. Audit function to test the truthfullness of the financial reports, to trace fraudelent transactions and to locate and rectify accounting errors. Two or more persons may also form a partnership for the exercise of a profession. Kinds of Partnerships 1. As to Duration Partnership at Will Partnership with a fixed term.