BAC101: FUNDAMENTALS OF ACCOUNTING

Institution KENYATTA UNIVERSITY
Course BUSINESS ADMINISTRAT...
Year 1st Year
Semester Unknown
Posted By Brian Mike
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Description

A partnership may be defined as the relationship which subsists between persons carrying on a business in common with a view of profit. The maximum size of a partnership is normally 20 persons although for certain professional practices such as solicitors and accountants the number can exceed 20 as long as such partnerships are registered under the Companies Act. Under most circumstances each partner is an agent of the firm for the purpose of carrying on the normal business of the firm. This means that individual partners can bind the other partners to contracts they negotiate on behalf of the firm. They may also recover from the partnership any funds they spend for the benefit of the partnership.
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The SN2 reaction
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XEA 406: Poverty and Development
Economic Growth Economic growth and economic development are generally not one and the same thing but most people use the terms interchangeably. What is economic growth and how is it different from economic development? Economic growth means increase in per capita income or sustained increase in a country's output of goods and services. Kenya’s Growth Performance Kenya’s economic growth has followed an oscillating pattern since independence in 1963 as shown in Figure 1. In 1964, the economy took an upward trajectory up to 1972 when the growth took a nosedive but started rising again in 1975. Following two decades of stagnation in per capita income and high volatility of economic activity, Kenya’s economy moved to a path of accelerating growth after 2002 when a new government was sworn in. The rate of economic growth increased steadily from below 1percent in 2002 to 7percent in 2007. Following the December 2007 elections, the country was hit by post election violence in January 2008 followed by global financial crisis in 2008/2009 and this negatively impacted the rate of economic growth as shown in Figure 1.
17 Pages 171 Views 0 Downloads 310.51 KB