AGGREGATE THEORY Definition

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AGGREGATE THEORY is a theory of partnership taxation in which a partnership is considered as an aggregate of individual co-owners who have bound themselves together with the intention of sharing gains and loses; under this theory, the partnership itself has no existence separate and apart from its members.

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EXTERNAL DEBT is the total private and public debt owed by a country to individuals, households, firms, and governments in other countries.

VERIFIABILITY is where the fact is capable of being tested (verified or falsified) by experiment or observation.

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