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Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:
- a)Only a partner in the firm
- b)Only an employee of the firm
- c)a partner as well as employee of firm
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Johnson is employed as a controller finance in a partnership firm ABC ...
Ltd. His job responsibilities include overseeing the financial operations of the firm, preparing financial reports, analyzing financial data, and providing financial guidance to the partners of the firm.
As a controller finance, Johnson plays a crucial role in ensuring that the financial health of the firm is maintained. He works closely with the partners to develop financial strategies that will help the firm achieve its goals and objectives.
Johnson is responsible for preparing financial statements such as balance sheets, income statements, and cash flow statements. He also analyzes financial data to identify trends, patterns, and areas where the firm can improve its financial performance.
In addition to his financial responsibilities, Johnson also provides guidance to the partners on financial matters. He advises them on investment decisions, risk management, and financial planning.
Overall, Johnson's role as a controller finance is essential to the success of the partnership firm. His expertise in financial matters helps the firm to make informed decisions and achieve its financial objectives.
As a controller finance, Johnson plays a crucial role in ensuring that the financial health of the firm is maintained. He works closely with the partners to develop financial strategies that will help the firm achieve its goals and objectives.
Johnson is responsible for preparing financial statements such as balance sheets, income statements, and cash flow statements. He also analyzes financial data to identify trends, patterns, and areas where the firm can improve its financial performance.
In addition to his financial responsibilities, Johnson also provides guidance to the partners on financial matters. He advises them on investment decisions, risk management, and financial planning.
Overall, Johnson's role as a controller finance is essential to the success of the partnership firm. His expertise in financial matters helps the firm to make informed decisions and achieve its financial objectives.
Community Answer
Johnson is employed as a controller finance in a partnership firm ABC ...
Johnson is not a partner of the firm he is only an employee of the firm because getting share in the profits will not make them as a partner of the firm because there is no mutual agency between the partners and Johnson
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Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
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ample number of questions to practice Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:a)Only a partner in the firmb)Only an employee of the firmc)a partner as well as employee of firmd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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