Business Students
PREPARATION FOR NTS, CTS, FPSC, PPSC JOBS FOR BUSINESS STUDENTSNTS PAST PAPERS MCQsNTS PAPERS PREPARATION FOR PUNJAB FOOD AUTHORITY JOB 2019PUNJAB FOOD AUTHORITY PAPERS PREPARATION
Advance Accounting Glossary:
Repossession?
The act of recovery of possession of the asset due to
non-payment of installments by the hire purchaser to hire vendor is known as
repossession.
Joint Ventures?
It is sometimes in the mutual benefit of two or more persons
or firms to run a specific business venture together instead of doing it
separately. These are known as Joint Ventures.
Conventurers?
The persons involved in joint ventures are known as
conventurers.
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| Advance Accounting Glossary |
Goodwill?
The element of an established business which makes the
business as a going concern worth more than its book value, that is it net
worth as shown by the books.
Amalgamation?
An amalgamation refers to the merger of two or more existing
companies into a single new company. In this case, none of the amalgamating
companies legally survive and a new company is formed.
Absorption?
Absorption is the combination of two or more companies into
one, where only the acquiring company retains its identity and the acquired
company is dissolved. Typically, the larger of the two companies is the
acquiring company whose identity is maintained.
Liquidation of Companies?
Liquidation or winding up of a company is a process by which
dissolution of a company is brought about and its property is administered for
the benefit of its creditors and members. An administrator called liquidator is
appoint who takes over the control of the company, collects its assets, pays
its debts and finally distributes the surplus among its members in accordance
with their rights.
Liquidator?
An administrator, who is appointed to take over the control
of the company, collects its assets, pays its debts and finally distributes the
surplus among its members in accordance with their rights.
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