The following terms were introduced in this chapter 1 Profit and loss ratio 2 Admission by investment 3 Partnership liquidation 4 Mutual agency 5 Salary allowance 6 Withdrawal by payment from partners ' personal assets 7 Capital deficiency 8 Limited liability partnership 9 General partnership 10 Pa...

a 8 Limited liability partnership b 9 General partnership c 1 ...

The following terms were introduced in this chapter: 1. Profit and loss ratio 2. Admission by investment

Question:

The following terms were introduced in this chapter:
1. Profit and loss ratio
2. Admission by investment
3. Mutual agency
5. Salary allowance
6. Withdrawal by payment from partners' personal assets
7. Capital deficiency
8. Limited liability General dissolution
Match the terms with the following descriptions:
(a) Partners have limited liability.
(b) Partners have unlimited liability.
(c) It is the basis for dividing profit and loss.
(d) assets and capital increase with the change in partners.
(e) assets and capital stay the same with the change in partners.
(f) Actions of partners are binding on all other partners.
(g) It is a compensation for differences in personal effort put into the is changed by the addition or withdrawal of a partner.
(i) There is a debit balance in a partner's capital account.
(j) is ended.
Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...