AGGREGATE THEORY Definition

Bookmark and Share

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.

Learn new Accounting Terms

INTERNAL CONTROL WEAKNESS is a defect in the design or operation of internal controls.

BOOKS OF RECORD are all mandatory entries into those documents that track the activity, events, or decisions pertaining to the subject for which the records are maintained, e.g., board of director minutes, births or deaths, and marriage licenses.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.