Question
Hello! I'm really having a hard time on my online class and I hope someone can help me to answer this Identification questions in my
Hello! I'm really having a hard time on my online class and I hope someone can help me to answer this Identification questions in my accounting subject. I already tried searching those but I cannot find. Please help me. Thank you in advance and God bless!
1.The basis of profit distribution when no agreement was made by the partners.
2.The basis of valuing the property or non-cash contribution of a partner in the firm.
3. Any partner can act in behalf of the partnership for as long as these acts are within the scope of normal partnership activity.
4.A partnership where all members are general partners and are liable to the extend beyond theirseparate capital contribution.
5. The contract in writing which governs the formation, operation and dissolution of a partnership.
6.The contribution of an industrial partner.
7.A ratio expressed in fraction or percentage having no relation to the amount of capitalinvestment of the partners or with no basis at all.
8. A transfer of interest credit to decrease the capital of one partner with the correspondingincrease in the capital of another partner.
9. Refers to the termination of the life of an existing partnership.
10. The statement that shows the results of business operation within a given period.
11. The partners are paid __ on capital to compensate for the difference in their capital contribution.
12. A method of dividing profits that uses the amount of partners' investment and the time duringwhich such funds were actually used by the partnership.
13. The basis in which the results of operations are shared by the partners.
14.Amount of capital set by partners for the firm which does not necessarily equal their contribution.
15.The excess of agreed capital over total contributed capital.
16.Represents a contribution shared by one partner to the credit of another partner in consideration of the expertise or goodwill of the latter, which is not set up in the books.
17.An intangible advantage possessed by a business enterprise where it is able to earn more thanwhat is normal in its line of business.
18.The account debited for partner's permanent withdrawal
19.A partner whose liability for the debts of the firm does not extend beyond his promised capital.
20.Withdrawals made by partners in anticipation of their share in the partnership profit.
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