195.Partnership ______________ occurs whenever a partner withdraws or a new partner is admitted.
196.A partnership characteristic which enables each partner to act on behalf of the partnership when engaging in partnership business is called ______________.
197.A major disadvantage of the partnership form of organization is ______________, which makes each partner personally and individually liable for all partnership liabilities.
198.The capital accounts indicate each partner's ______________ investment, while the partner's drawing accounts are ______________ owner's equity accounts.
199.The ______________ ratio specifies the basis for sharing income and losses.
200.An income ratio based on ______________ balances may be appropriate when the amount of funds invested in the partnership is critical to the partnership.
201.A ______________ allowance or ______________ on partners' capital accounts are not expenses of the partnership when they are specified as the basis for sharing income and losses.
202.In liquidating a partnership, it is necessary to convert ______________ into cash and to allocate any ______________ or ______________ to the partners based on their income ratios.
203.A debit balance in a partner's capital account is called a _____________.
a204.A new partner may be admitted to the partnership by ______________ the interest of an existing partner, or by ______________ assets in the partnership.
a205.When a new partner's capital interest on the date of admittance is less than his or her investment in the firm, a ______________ results for the ______________ partner(s).
a206.If a bonus is given to a new partner, the old partners' capital accounts are decreased based on their ______________ ratio prior to the admission of the new partner.