Matching
Match the accounting description with correct terms by entering the proper letter in the space provided.
Premises:
The amount of net income or net loss allocated to each partner
Another term for partnership agreement
Termination of a business by distributing all assets and discontinuing the business
A member of a partnership who has unlimited liability
The legal term for termination of a partnership
The characteristic of a partnership by which each partner is empowered to act as an agent fo the partnership, binding the firm by his or her acts
An informational entry in the general journal
A member of a partnership whose liability is limited to his or her investment in the partners
A financial statement prepared to summarize the changes in partners' capital accounts duri an accounting period
A legal contract forming a partnership and specifying certain details of operation
An association of two or more persons who carry on, as co-owners, a business for profit
The implication that a creditor can look to all partners' personal assets as well as the assets o the partnership for payment of the firm's debts
A partnership having one or more limited partners
Responses:
Memorandum entry
Mutual agency
Limited partnership
Articles of partnership
Partnership
Distributive share
General partner
Dissolution
Liquidation
Statement of partners' equities
Unlimited liability
Partnership agreement
Limited partner
Correct Answer:
Premises:
Responses:
The amount of net income or net loss allocated to each partner
Another term for partnership agreement
Termination of a business by distributing all assets and discontinuing the business
A member of a partnership who has unlimited liability
The legal term for termination of a partnership
The characteristic of a partnership by which each partner is empowered to act as an agent fo the partnership, binding the firm by his or her acts
An informational entry in the general journal
A member of a partnership whose liability is limited to his or her investment in the partners
A financial statement prepared to summarize the changes in partners' capital accounts duri an accounting period
A legal contract forming a partnership and specifying certain details of operation
An association of two or more persons who carry on, as co-owners, a business for profit
The implication that a creditor can look to all partners' personal assets as well as the assets o the partnership for payment of the firm's debts
A partnership having one or more limited partners
Premises:
The amount of net income or net loss allocated to each partner
Another term for partnership agreement
Termination of a business by distributing all assets and discontinuing the business
A member of a partnership who has unlimited liability
The legal term for termination of a partnership
The characteristic of a partnership by which each partner is empowered to act as an agent fo the partnership, binding the firm by his or her acts
An informational entry in the general journal
A member of a partnership whose liability is limited to his or her investment in the partners
A financial statement prepared to summarize the changes in partners' capital accounts duri an accounting period
A legal contract forming a partnership and specifying certain details of operation
An association of two or more persons who carry on, as co-owners, a business for profit
The implication that a creditor can look to all partners' personal assets as well as the assets o the partnership for payment of the firm's debts
A partnership having one or more limited partners
Responses:
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