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Match Each Statement to the Item Listed Below

Question 192

Matching

Match each statement to the item listed below.

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

Correct Answer:

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