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Match Each Statement to the Item Listed Below

Question 164

Matching

Match each statement to the item listed below.

Premises:
liquidation
statement of partnership equity
proprietorship
mutual agency
income sharing ratio
realization
partnership
deficiency
Responses:
Each partner may act on behalf of the entire partnership so that the liabilities created by one partner become the liabilities of all partners.
Simple to form.
Used to divide the excess of allowances over loss when net losses occur.
An association of two or more persons to own and manage a business for profit.
The winding up process of a partnership.
Place where changes in partner capital accounts for a period of time are reported.
Where the share of loss on realization is greater than the balance in partner capital.
A step during liquidation when partnership assets are sold.

Correct Answer:

liquidation
statement of partnership equity
proprietorship
mutual agency
income sharing ratio
realization
partnership
deficiency
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