a business in which two or more persons combine their assets and skills

each member of a partnership

a written setting forth the conditions under which a partnership is to operate

a partnership financial statement showing net income or loss distribution to partners

a financial statement that summarizes the changes in owners' equity during a fiscal period

the process of paying a partnership's liabilities and distributing remaining assets to the partners

cash received from the sale of assets during liquidation of a partnership

a partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages

The withdrawals shows each partner's

The right of all partners to contract on behalf of a partnership is called:

In a partnership, which transaction would occur if Partner A withdraws cash for personal use to purchase an automobile?

If a partner invests a noncash asset in the partnership, the amount to be debited and credited would be

partners

The three methods partners might use to divide profits and losses are equal basis, fractional share basis and basis of:

The five characteristics of a partnership are ease of formation, unlimited liability, limited life, mutual agency and :

When assets other than cash are invested in a partnership, at what amount are the assets recorded?

If a partnership experiences a net loss for the period, the partners' capital accounts will be:

The Retained Earnings is ___________ when the corporation earns a profit.

Which account in a corporation's chart of accounts is similar to a partner's capital?

The 2 accounts affectef to record a partner's investment in a partnership are cash in bank and: