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