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Accounting 1

Alex green
Hotel Accounting

Find four advantages of partnerships

Ease of formation.
Low start-up cost.
Additional sources of capital available.
Combined management skills.

Advantages of a Limited Partnership
1.much easier to attract investors as limited partners
2.Allows for general partners to use their expertise, make key decisions and manage the business
3. Limited partners can leave the business or be replaced without the need for the limited partnership to be dissolved.

Disadvantages of a Limited Partnership
1.Filings, formalities and state requirements.
2.General partners assume personal liability.

Identify two types of accounting software and explain their purposes.
1. Microsoft Excel-Performs calculations analyze information and manage spreadsheet.
2. Peachtree-

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